LifeCycle Pharma Announces Completion of Fully Subscribed Equity Offering
HORSHOLM, Denmark, Jan. 6, 2011 /PRNewswire/ -- LifeCycle Pharma A/S (OMX: LCP) has as of November 23, 2010 completed its fully subscribed rights offering of 395,974,671 new shares at DKK 1.20 per share. The company raised gross proceeds of DKK 475 million (approximately $85 million) and net proceeds of approximately DKK 442 million (approximately $79 million). The funds will be used primarily to complete the Phase 3 program of LCP-Tacro.
LCP-Tacro is a once-daily formulation of the leading immunosuppressant drug tacrolimus. It incorporates LCP's proprietary MeltDose® technology to improve bioavailability and provide consistent pharmacokinetic performance and reduced peak-to-trough variability when compared to currently approved tacrolimus. Two Phase 3 clinical trials are ongoing: a fully-enrolled trial in stable kidney transplant patients (Study 3001) and a study in de novo transplant patients that initiated enrollment in October (Study 3002).
The offering received good interest from both new and existing shareholders. Of the total, the company's two largest current shareholders, Lundbeck Foundation a/s and Novo A/S, each subscribed to only 3.25% of the new shares above their pro-rata allocation.
"This financing was a very important step for LifeCycle Pharma," said William J. Polvino, M.D., president and chief executive officer of LifeCycle Pharma. "It provides us the capital to see us through to completion of the LCP-Tacro ongoing Phase 3 clinical program and the submission of a New Drug Application (NDA) and Marketing Authorization Application (MAA) in the United States and the European Union, respectively. We believe that LCP-Tacro can be a significant contributor to improving the lives of transplant patients. The funding will also support moving our product pipeline forward. We appreciate the support from both existing and new investors in the company."
About LifeCycle Pharma A/S (LCP)
Based in Horsholm, Denmark, with an office in New Jersey, LCP is an emerging specialty pharmaceutical company. Clinical development is the core of LCP's effort to develop a product portfolio which includes products for immunosuppression, specifically organ transplantation, and products to combat certain cardiovascular diseases. As a fully integrated company, LCP adapts new technologies on a fast commercial timetable. LCP's unique, patented delivery technology, MeltDose®, can improve absorption and bioavailability at low-scale up costs - not only for a broad spectrum of drugs already on the market but also for new chemical entities. LCP has a lipid-lowering product, Fenoglide®, currently on the U.S. market and a diversified near- and medium-term pipeline with four clinical stage product candidates and a number of projects in preclinical development. LCP is listed on the NASDAQ OMX Copenhagen under the trading symbol (OMX: LCP). For further information, please visit www.lcpharma.com.
For U.S. investor and media contacts:
John Weinberg, M.D., Senior Vice President, Commercial Development and Strategic Planning
LifeCycle Pharma Inc.
SOURCE LifeCycle Pharma A/S