SAN DIEGO, March 27 /PRNewswire-FirstCall/ -- Metabasis Therapeutics, Inc. today announced that it has obtained commitments to purchase approximately $40 million of its common stock in a registered direct offering. Under the terms of the transaction, Metabasis will sell approximately 4.9 million shares of its common stock at $8.10 per share to a select group of institutional investors. The closing of the offering is expected to take place on March 30, 2006, subject to the satisfaction of customary closing conditions. All of the shares of common stock are being offered by Metabasis pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. Cowen & Co., LLC acted as the lead placement agent and Piper Jaffray & Co. acted as co-placement agent for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares of common stock may only be offered by means of a prospectus. Copies of the final prospectus supplement and accompanying base prospectus can be obtained from Cowen & Co., LLC at 1221 Avenue of the Americas, New York, NY 10020; Fax: 646-562-1269.
About Metabasis (www.mbasis.com):
Metabasis Therapeutics is a biopharmaceutical company focused on the discovery, development and commercialization of novel drugs to address some of the world's most widespread and costly chronic diseases involving pathways in the liver. The Company has established a pipeline that includes clinical stage and preclinical product candidates targeting major diseases with significant unmet medical needs. Targeted diseases include metabolic diseases such as diabetes, hyperlipidemia and obesity as well as liver diseases such as hepatitis and primary liver cancer. Metabasis has developed several proprietary technologies for use in discovering and optimizing drugs, including the NuMimetic(TM) and HepDirect(TM) technologies. Metabasis is continuing to identify and develop new product candidates using its proprietary technologies and expertise.
Forward-Looking Statements:
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, references to the closing of Metabasis' registered direct offering. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Metabasis' actual results to be materially different from historical results or from any results expressed or implied by such forward- looking statements. These factors include, but are not limited to, risks and uncertainties related to Metabasis' ability to satisfy the required closing conditions and to close the registered direct offering as expected, and other factors discussed in the "Risk Factors" section of Metabasis' Annual Report on Form 10-K for the year ended December 31, 2005. All forward-looking statements are qualified in their entirety by this cautionary statement. Metabasis is providing this information as of this date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
Metabasis Therapeutics, Inc.CONTACT: Paul Laikind, Ph.D., Chairman, CEO & President of MetabasisTherapeutics, Inc., +1-858-622-5550
Web site: http://www.mbasis.com/
