CancerVax Completes $6 Million Credit Financing for Capital Improvements.Business Editors & Health/Medical Writers BIOWIRE2K CARLSBAD, Calif.--(BUSINESS WIRE)--Sept. 18, 2002 CancerVax Corporation announced today that it secured a $6 million credit facility to fund equipment purchases and tenant and capital improvements for its new corporate headquarters, research and development laboratories, and manufacturing facilities. The credit financing was arranged with Western Technology Investment (WTI WTI West Texas Intermediate WTI Western Transportation Institute (Montana State University) WTI World Tribunal on Iraq WTI With The Idea (used in chess to point to the idea behind a specific move) ), a leading provider of asset based debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for emerging growth companies, including several biotechnology leaders. In August, CancerVax consolidated its administration, business development, marketing, clinical development, regulatory, analytical and research divisions in a new facility in Carlsbad. This new financing will allow the Company to advance its strategic business initiatives, especially as they relate to the Company's clinical trials. "We are pleased to develop a close working relationship with Western Technology Investment," said David F. Hale, President and Chief Executive Officer of CancerVax Corporation. "By extending this line of credit, Western Technology supports CancerVax's strategy to develop CANVAXIN(TM), 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. for the treatment of advanced-stage melanoma (a deadly form of skin cancer), and to develop our 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"). , which are in preclinical development." "CancerVax's high growth potential, as evidenced by their late stage clinical trials, makes the Company an attractive investment for Western Technology," said Ron Swenson, Investment Partner at Western Technology Investment. "Additionally, CancerVax's seasoned management team and validation from top-tier venture capitalists further supports our decision to add them to our portfolio of biotechnology investments." About CancerVax Corporation (www.cancervax.com) CancerVax Corporation is a privately held biotechnology company focused on the research, development and commercialization of novel therapeutic cancer vaccines Cancer vaccines A treatment that uses the patient's immune system to attack cancer cells. Mentioned in: Pancreatic Cancer, Exocrine , angiogenesis inhibitors and monoclonal antibodies for the treatment and control of cancer. The Company's lead product candidate, CANVAXIN(TM), is a therapeutic cancer vaccine currently being evaluated in late stage clinical trials for the treatment of advanced-stage melanoma. CancerVax also plans to evaluate the CANVAXIN(TM) vaccine in the treatment of advanced-stage 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. . The Company has additional product candidates in pre-clinical development Pre-clinical development is a stage in the development of a new drug that begins before clinical trials (testing in humans) can begin, and during which important safety and pharmacology data is collected. for the treatment of solid tumor cancers, including several monoclonal antibodies that appear to inhibit 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. , the blood vessel blood vessel n. An elastic tubular channel, such as an artery, a vein, a sinus, or a capillary, through which the blood circulates. blood vessel(s), n the network of muscular tubes that carry blood. development that is necessary for tumor growth. CancerVax maintains its corporate headquarters in Carlsbad, California Carlsbad is a coastal resort-town in northern San Diego County, California. According to the state Department of Finance, the city had a total population of 90,271 in 2003. , and its biologics manufacturing facility in Los Angeles, California. About Western Technology Investment (www.westerntech.com) Western Technology Investment (WTI) is a leading provider of asset based debt financing for emerging growth companies. Over the past 22 years, WTI has provided financing to over 400 health care and technology companies backed by top tier venture firms. Portfolio companies include Gene Logic, IDEC IDEC Instituto Brasileiro de Defesa do Consumidor (Portugese: Brazilian Consumer Protection Agency) IDEC Information Design & End-User Computing IDEC Interior Design Educators Council, Inc. Pharmaceuticals, Juniper Networks, Corvis, Cerent, New Focus and Google. 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(R) and CANVAXIN(TM) are trademarks of CancerVax Corporation. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion