Avalon Pharmaceuticals to Raise $20 Million in Private Placement of Common Stock and Warrants to Institutional Investors
26 May 2007 - 2:25AM
PR Newswire (US)
GERMANTOWN, Md., May 25 /PRNewswire-FirstCall/ -- Avalon
Pharmaceuticals, Inc. (NASDAQ:AVRX), today announced that it
intends to sell common stock and common stock warrants to
institutional investors in a private placement. Avalon expects to
sell up to 3,838,772 shares of its common stock at $5.21 per share.
The investors will also receive warrants to purchase up to 959,693
shares of Avalon's common stock at an exercise price of $6.00 per
share. The warrants will expire in five years. Gross proceeds of
the sale are expected to be $20 million. Closing is expected to
occur on May 25, 2007, subject to customary closing conditions. The
shares offered have not been registered under the federal
Securities Act of 1933 or any state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. About Avalon
Pharmaceuticals Avalon Pharmaceuticals is a biopharmaceutical
company using its proprietary technology, AvalonRx(R), to discover
and develop cancer therapeutics. Safe Harbor Statement This
announcement contains, in addition to historical information,
certain forward-looking statements that involve risks and
uncertainties, in particular, related to the expected proceeds of,
and closing date of, the private placement. Such statements reflect
the current views of Avalon management and are based on certain
assumptions. Actual results could differ materially from those
currently anticipated as a result of a number of factors, risks and
uncertainties The information in this Release should be read in
conjunction with the Risk Factors set forth in our 2006 Annual
Report on Form 10-K and updates contained in subsequent filings we
make with the SEC. Contacts: Avalon Pharmaceuticals, Inc. Russo
Partners, LLC Gary Lessing Wendy Lau (Media) Executive Vice
President & CFO Tel: (212) 845-4272 Tel: (301) 556-9900 Fax:
(301) 556-9910 Email: DATASOURCE: Avalon Pharmaceuticals CONTACT:
Gary Lessing, Executive Vice President & CFO, Avalon
Pharmaceuticals, Inc., +1-301-556-9900, fax, +1-301-556-9910, ;
media, Wendy Lau, Russo Partners, LLC, +1-212-845-4272
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