Aphton Announces Sale of $3.61 Million of Common Stock.Business Editors, Health/Medical Writers BIOWIRE2K MIAMI--(BUSINESS WIRE)--Dec. 3, 2002 Aphton Corporation (Nasdaq:APHT APHT Advance Physical Test ) announced today that the Company sold 1,520,000 shares of registered common stock at $2.375 per share for gross proceeds of $3,610,000. Life Science Group, Inc. acted as placement agent in connection with the transaction. The transaction was priced at a 6.86% discount to the last sale on December 2, 2002. The transaction is scheduled to close on Friday, December 6, 2002. The proceeds of the financing will be used for general corporate purposes, including to fund Aphton's on-going clinical trials and operations while Aphton negotiates with one or more strategic partners to structure a worldwide agreement that could provide substantial funds to Aphton, immediate and over time, if and when negotiations are successfully concluded. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with and declared effective by the Securities and Exchange Commission. 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 in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state. Aphton Corporation is a biopharmaceutical company in one Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA and three Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II developing products using its innovative vaccine-like technology for neutralizing hormones that participate in gastrointestinal system gastrointestinal system: see digestive system. and reproductive system reproductive system, in animals, the anatomical organs concerned with production of offspring. In humans and other mammals the female reproductive system produces the female reproductive cells (the eggs, or ova) and contains an organ in which development of the fetus cancer and non-cancer diseases worldwide. Aphton has several strategic alliances including strategic alliances with Aventis Pasteur (NYSE NYSE See: New York Stock Exchange :AVE) for treating gastrointestinal system and other cancers with G17DT in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe; and GlaxoSmithKline (NYSE:GSK GSK GlaxoSmithKline plc (pharmaceutical company) GSK Glycogen Synthase Kinase GSK Gruppentraining Sozialer Kompetenzen (Germany) GSK Greenland Shark (FAO fish species code) ) for reproductive system cancer and non-cancer diseases worldwide; and others. Except for the historical information herein, the matters discussed herein are forward-looking statements that involve a number or risks and uncertainties and are not a guarantee of future performance. Future results may vary significantly based on a number of factors including, but not limited to, intellectual property risks, risks in regulatory and market acceptance of new products and continuing demand for same, the impact of competitive products and pricing, changing economic conditions and other risk factors that are inherent in the drug development process and the company's business including those set forth in Aphton's most recent 10-K and other filings with the Securities and Exchange Commission. It is not possible to predict or identify all such risk factors that could cause actual results to differ from expected or historical results. The company's actual results could differ from these forward-looking statements and the company undertakes no obligation to update publicly any forward-looking statement, except as may be required under applicable securities law. |
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