Bay City Capital Increases NeoRx Ownership.SEATTLE--(BUSINESS WIRE)--March 1, 1999--NeoRx Corporation (Nasdaq:NERX) today announced that The Bay City Capital Fund I, L.P. has purchased 1.36 million shares in the open market between Dec. 28 and Feb. 18 at prices ranging from $1.32 to $1.50 a share, and now holds 2.37 million shares or 11.26% of the company. Its affiliate, Bay City Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is a merchant banking and management advisory partnership formed by The Craves Group and the Pritzker Family The Pritzker family is one of America's wealthiest, and has been near the top of Forbes magazine's "America's Richest Families" list since the magazine began in 1982. business interests. Fred Craves, Ph. D., the Chairman of NeoRx's Board of Directors, is a Managing Director of Bay City Capital LLC. "We believe in the technologies and product opportunities that NeoRx is developing; our recent purchases exemplify this belief. " said Dr. Craves. "We believe that the decisions last year to discontinue the Avicidin and Biostent programs should not be viewed as an indictment of the core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
abbr. synchronous transmitter receiver and Lymphoma, and is beginning to see early clinical results. The Company is also commenced preclinical testing of its Chemotides program for the treatment of various inflammatory diseases. Bay City Capital is working with the company to explore various options for increasing its shareholder value." NeoRx Corporation develops therapeutic products to treat cancer and inflammatory diseases, with an initial focus on multiple myeloma multiple myeloma A malignant proliferation of abnormal plasma cells that populate the marrow-containing bones of the body. The affected plasma cells produce myeloma protein, a monoclonal antibody that replaces normal antibodies in the blood, thereby increasing susceptibility , lymphoma, and atherosclerosis atherosclerosis (ăth'ərōsklərō`sĭs): see arteriosclerosis. atherosclerosis or hardening of the arteries . This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development of the Company's products and future operating results that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of clinical trials and the timing of regulatory approvals. Reference is made to the Company's latest Annual Report on Form 10 - K filed with the Securities and Exchange Commission for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Visit NeoRx at www.neorx.com To receive NeoRx news releases via email, register at www.neorx.com/news/pr.html |
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