EXTON, Pa., March 2 /PRNewswire-FirstCall/ -- ViroPharma Incorporated announced today that it has eliminated its long-term debt in its entirety by redeeming the remaining $79 million principal amount of its 6% convertible subordinated notes due March 2007. ViroPharma paid holders 100.857% of the outstanding principal amount of the notes plus interest accrued to (but excluding) March 1, 2006 as required by the indenture for the notes. By redeeming the notes early, ViroPharma will reduce its annual interest expense by four million dollars over the remaining one-year contractual life of the notes.
“With the completion of redemption of all of the remaining outstanding 2007 notes, we now have the strongest capital structure in our history,” commented Vincent Milano, ViroPharma’s chief financial officer and chief operating officer. “We ended the year 2005 with $233 million in cash and cash equivalents. Today, we utilized $79.6 million of our cash to eliminate our remaining debt in its entirety. Now, with a significant and growing cash position, strong cash flows, and absolutely no debt, we are in a position of great strength enabling us to further leverage our strong capital structure to acquire additional value drivers for the company, and for future corporate growth.”
About ViroPharma Incorporated
ViroPharma Incorporated is a biopharmaceutical company dedicated to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings. ViroPharma commercializes Vancocin(R), approved for oral administration for treatment of antibiotic-associated pseudomembranous colitis caused by Clostridium difficile and enterocolitis caused by Staphylococcus aureus, including methicillin- resistant strains (for prescribing information, please download the package insert at http://www.viropharma.com/docs/pulvules_pi.pdf). ViroPharma currently focuses its drug development activities in viral diseases including cytomegalovirus (CMV) and hepatitis C (HCV). For more information on ViroPharma, visit the company’s website at http://www.viropharma.com.
Certain statements in this press release may contain forward-looking statements that involve a number of risks and uncertainties, including those relating to our abilities to acquire additional value drivers for the company. Our actual results could differ materially from those results expressed in, or implied by, these forward-looking statements. The commercialization of pharmaceutical products is subject to risks and uncertainties. There can be no assurance that we will be successful in our business development efforts to acquire additional products or product candidates. These factors, and other factors, including, but not limited to those described in ViroPharma’s current report on Form 8-K filed with the Securities and Exchange Commission on November 29, 2005 could cause future results to differ materially from the expectations expressed in this press release. The forward-looking statements contained in this press release may become outdated over time. ViroPharma does not assume any responsibility for updating any forward-looking statements.
ViroPharma Incorporated
CONTACT: Will Roberts, Director, Corporate Communications of ViroPharmaIncorporated, +1-610-321-6288
Web site: http://www.viropharma.com/
