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BIOTECHS' FINANCING

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Date: 12 Dec 2007
Time: 09:33:56

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Date: 22 Jun 2001
Time: 07:33:23

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Money is key to drug development and biotech firms are determined to get it from every source available. Prohost, unlike the market, likes firms to finance and does not feel that bankruptsies can destroy firms with strong fundamentals, scientific and managerial.

Money in the firms’ coffers is the concern #1 of those who still assess science-driven firms that have excellent technologies and promising products with the same criteria applied in evaluating General Electric, or Merck. Nevertheless, we have here two firms that decided to raise money and did.

The first is Medarex, which, as has been declared several days ago, announced now the public offering of a new issue of $175 million principal amount of its convertible subordinated notes. The notes have an interest rate of 4.50%, are initially convertible into shares of the Company's common stock at a ratio of 34.68 per each $1,000 principal amount of the notes at $28.84 per share, and mature in July 2006. The offering is expected to close on June 26, 2001.

The Company has granted a 30-day option to the underwriters of the offering to purchase up to an additional $26.25 million principal amount of the notes at the public offering price to cover over-allotments, if any.

The net proceeds of the offering received by Medarex are expected to be used for general corporate purposes.

The offering is being underwritten by Goldman, Sachs & Co.; Credit Suisse First Boston Corporation; J.P. Morgan Securities Inc.; Morgan Stanley; Bear, Stearns & Co. Inc.; and Dain Rauscher Wessels.

CEPHALON

At the same time, Cephalon (CEPH) announced that the initial purchasers of its $300 million aggregate principal amount 5.25% Convertible Subordinated Notes due 2006 have exercised in full their option to purchase $100 million of additional Notes.

With the closing of this option exercise, the total amount of the Notes sold is $400 million. The Notes are convertible into Cephalon's common stock at a conversion price of $74.00 per share, subject to adjustment in certain circumstances.

Cephalon expects to use the net proceeds of the offering for working capital and general corporate purposes, which may include the acquisition of businesses, products, product rights or technologies. Additionally, Cephalon may also use the net proceeds to pay contractual obligations including those incurred in connection with the previously announced Abbott and Novartis transactions.

The securities sold have not been registered under the Securities Act of 1933, as amended, or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Money is coming to those excelling biotech firms that need it. Moneyhas not been an issue for those firms that have excellent updated technologies and promising products, as assessed by professionals.

Prohost is an independent publication providing information on biotech companies. Prohost does not accept compensation from companies that are featured or profiled. It is strongly recommended that any purchase or sale decisions to any of the featured companies be discussed with a financial advisor or broker prior to completing any such purchase or sale decision. All statements or expressions are the opinion of Prohost and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. Investing in embryonic companies, micro-cap and growth securities is highly speculative and carries a high degree of risk. It is possible that an investor can lose all of his/her investment in this type of companies that are profiled. The information that Prohost relies on is either through the profiled company, news services, research reports, interviews, or other outside sources that Prohost believes are reliable. Prohost makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure of the profiled companies and accepts no responsibilities for inaccuracies or misleading content in any material supplied by those clients. There can be no assurance that future events relating to the profiled company will occur as anticipated. The information contained herein is provided as an information service only. Past performance of featured companies does not guarantee the future success of any currently featured or profiled company. We encourage our readers to invest carefully and read the investor information provided by the Securities and Exchange Commission ("SEC") and/or the National Association of Securities Dealers ("NASD"). We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at http://www.sec.gov/consumer/cyberfr.htm. Send mail to CompanyWebmaster with questions or comments about this web site. Copyright © 2001 CompanyLongName