DENVER, Nov. 16 /PRNewswire-FirstCall/ -- Myogen, Inc. , a biopharmaceutical company focused on the discovery, development and commercialization of small molecule therapeutics for the treatment of cardiovascular disorders, announced today that it filed a universal shelf registration statement with the Securities and Exchange Commission (SEC) that, if declared effective by the SEC, will allow Myogen to sell, from time to time, up to $250 million of its common stock, preferred stock, depository shares, debt securities or warrants. As of the date of this release, the Company has no specific plans to offer the securities covered by the registration statement and the Company may not offer the securities in the future pursuant to the registration statement. The terms of any offering under the registration statement will be established at the time of the offering. Proceeds from the sale of any securities will be used for the purposes described in a prospectus supplement filed at the time of an offering.
The registration statement relating to the securities was filed today with the SEC but has not yet become effective. The securities offered by the Company pursuant to the registration statement may not be sold, nor may offers to buy the securities be accepted prior to the time the registration statement becomes effective. 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 the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Myogen
Myogen is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule therapeutics for the treatment of cardiovascular disorders. Myogen has two product candidates in late-stage clinical development: ambrisentan for the treatment of patients with pulmonary arterial hypertension and darusentan for the treatment of patients with resistant hypertension. The Company, in collaboration with Novartis, also conducts a target and drug discovery research program focused on the development of disease-modifying drugs for the treatment of chronic heart failure and related cardiovascular disorders. Please visit Myogen’s website at www.myogen.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve significant risks and uncertainties, including the statements relating to the SEC declaring the registration statement effective and the Company’s ability to obtain additional funding to support its business activities. Actual results could differ materially from those projected and Myogen cautions investors not to place undue reliance on the forward-looking statements contained in this release.
The registration statement may not be declared effective by the SEC and the Company may not commence or complete an offering of the securities covered by the registration statement. If the Company is unable to raise additional capital when required or on acceptable terms, it may have to significantly delay, scale back or discontinue one or more of its drug development or discovery research programs. In addition, Myogen’s results may be affected by difficulties and delays relating to, and the results of, clinical trials of its product candidates, including its ARIES trials of ambrisentan, its effectiveness at managing its financial resources, competition from other pharmaceutical and biotechnology companies, its ability to successfully develop and market its current products and regulatory developments involving current and future products. If the Company’s product candidates, including ambrisentan and darusentan, do not meet safety or efficacy endpoints in clinical evaluations, they will not receive regulatory approval and the Company will not be able to market them. Even if Myogen’s product candidates meet safety and efficacy endpoints, regulatory authorities may not approve them, or the Company may face post-approval problems that require the withdrawal of its products from the market. Myogen is at an early stage of development and may not ever have any products that generate significant revenue.
Additional risks and uncertainties relating to the Company and its business can be found in the “Risk Factors” section of Myogen’s Form 10-K for the year ended December 31, 2004 and Myogen’s reports on Form 10-Q and Form 8-K. It is Myogen’s policy to only update or reconfirm its public guidance by issuing a press release or filing a periodic or current report with the Securities and Exchange Commission. The Company generally plans to provide guidance as part of its annual and quarterly earnings releases but reserves the right to provide guidance at different intervals or to revise its practice in future periods. All information in this press release is as of November 16, 2005. Myogen undertakes no duty or obligation to update any forward- looking statements contained in this release as a result of new information, future events or changes in the Company’s expectations. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
Myogen, Inc.
CONTACT: Derek K. Cole, Director, Investor Relations of Myogen, Inc.,+1-303-464-3986, derek.cole@myogen.com
Web site: http://www.myogen.com/
