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UroGen Corp Completes $17.0 Million Private Placement
-- Proceeds to Advance Clinical Development of Hemophilia and Prostate Cancer Products --
SAN DIEGO, Calif.--(BW HealthWire)--Feb. 24, 2000--UroGen Corp (OTC:UROG - news) today announced that it has completed a private placement of 2.0 million shares of Common Stock at $8.50 per share to the Aries Funds for aggregate proceeds of $17.0 million. The Company intends to use the funds to advance the clinical development of its lead gene therapy product candidate for Hemophilia A, in collaboration with Baxter Healthcare, and its gene therapy product for Prostate Cancer, as well to provide working capital for other general corporate purposes.
``This financing will provide the Company with the capital foundation to aggressively move both of its products into clinical trials,' said Robert E. Sobol, M.D., UroGen Corp Chief Executive Officer.
UroGen recently announced that the U.S. Food and Drug Administration (FDA) cleared the Company's Investigational New Drug (IND) application for a Phase I human clinical trial of its Factor VIII gene therapy product for the treatment of hemophilia A. The company expects to begin the clinical trial later this year, following review of the clinical trial protocol by the National Institutes of Health Recombinant DNA Advisory Committee.
Research supporting the approval was published in the February 1 issue of BLOOD, the journal of the American Society of Hematology. These studies, performed in mice with hemophilia A, a deficiency in the clotting protein Factor VIII, demonstrated sustained production of therapeutic levels of Factor VIII following a single injection of UroGen's gene therapy product. The expression of the Factor VIII protein continued for approximately one year following the injection, in effect, correcting the abnormality.
Evolution Capital, a subsidiary of the Carson Group, acted as placement agent for this transaction.
The Common Stock sold has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from the Securities Act regulation requirements.
UroGen Corp. is a biotechnology company currently developing products for the treatment of hemophilia and prostate cancer. The company's hemophilia product is being developed in collaboration with Baxter Healthcare and its prostate cancer product development program has been supported in part by a grant from the National Cancer Institute. |
