CancerVax Completes $55 Million Financing; Proceeds Used to Fund Continued Development of the CANVAXIN Vaccine and Other Technologies.Business Editors & Health/Medical Writers CARLSBAD, Calif.--(BW HealthWire)--April 1, 2002 CancerVax(TM) Corporation announced today that it had completed a second financing round of more than $55 million through the private placement of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . New investors in the current financing include JPMorgan Fleming Asset Management, WestLB Asset Management, Schroder Ventures Life Sciences, CDIB CDIB Certificate of Degree of Indian Blood BioScience Ventures, Windamere Venture Partners, GE Capital's Capital Funding business, Endpoint Late Stage Fund and a group of other institutional and private investors. The largest group in the round was Athenian Venture Partners and its associated investors, which was joined in the financing by a majority of the Company's existing institutional and private investors, including Forward Ventures, Vector Fund Management, Amerindo Investment Advisors, China Development Industrial Bank, and GMG GMG Giornata Mondiale della Gioventù (Italian: World Youth Day) GMG Guardian Media Group GMG Game Group PLC (stock symbol) GMG Grenade Machine Gun Capital Partners. "The funding will help to continue the development of our therapeutic cancer vaccine The term cancer vaccine is often used to describe a process whereby a person's immune system is coaxed into recognizing and destroying malignant cells without harming normal cells. , CANVAXIN(TM), for use in the treatment of melanoma, initiate a pivotal trial for CANVAXIN(TM) in colon cancer colon cancer, cancer of any part of the colon (often called the large intestine). Colon cancer is the second most common cancer diagnosed in the United States. , expand our research and development program for new vaccines and monoclonal antibodies This is a list of monoclonal antibodies, antibodies which are clones of a single parent cell. When used as medications, the generic names end in -mab (see "Nomenclature of monoclonal antibodies"). for the treatment of cancer, and implement our strategy to build a fully integrated biotechnology company," said David F. Hale, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CancerVax. CancerVax's lead product is the CANVAXIN(TM) vaccine, which is currently being evaluated in two international, multi-center Phase 3 clinical trials phase 3 clinical trial Phase 3 study. See Phase study. at more than 50 clinical trial sites around the world as a treatment for Stage III and Stage IV melanoma. The Company has also filed an IND for a pivotal trial to evaluate the CANVAXIN(TM) vaccine for use in the treatment of Stage IV colon cancer. In January 2002, CancerVax acquired Cell-Matrix, Inc., a privately held biotechnology company with intellectual property, technology, and product candidates in the field of angiogenesis angiogenesis /an·gio·gen·e·sis/ (-jen´e-sis) vasculogenesis; development of blood vessels either in the embryo or in the form of neovascularization or revascularization. an·gi·o·gen·e·sis n. . CancerVax gained access to several monoclonal antibodies which represent a novel pathway for regulating angiogenesis and which may be synergistic with CancerVax's current cancer immunotherapy Cancer immunotherapy is the use of the immune system to reject cancer. The main premise is stimulating the patient's immune system to attack the malignant tumor cells that are responsible for the disease. platform and with chemotherapeutic agents used in the treatment of cancer. CancerVax believes that non-cancer indications for the Cell-Matrix technology may include products for the treatment of ophthalmic, autoimmune, cardiovascular and other diseases. About CancerVax Corporation CancerVax Corporation is a privately held biotechnology company dedicated to the discovery, development and commercialization of biological products for the treatment, prevention and control of cancer. CancerVax maintains its corporate and R&D headquarters in Carlsbad, California, and its biologics manufacturing facility in Los Angeles, California. For more information about CancerVax, please visit our web site at http://www.cancervax.com. CancerVax cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by CancerVax that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in CancerVax's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects Side effects Effects of a proposed project on other parts of the firm. or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. All forward-looking statements are qualified in their entirety by this cautionary statement and CancerVax undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. CancerVax(TM) and CANVAXIN(TM) are trademarks of CancerVax(TM) Corporation. |
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