Connetics Completes $12.6 Million Private Placement.

PALO ALTO, Calif.--(BW HealthWire)--Nov. 23, 1998--Connetics Corporation (Nasdaq:CNCT) announced today that it has raised $12.6 million through a self-managed private placement consisting of the company's sale of 3,142,500 shares of unregistered common stock.

The shares in the offering were sold to existing and new investors. Including the proceeds from the offering, the company has approximately $22.2 million in cash, cash equivalents and short-term investments.

"Given the difficult financing environment for biotech stocks, we are delighted to be able to complete this common stock offering. The proceeds from this financing significantly increase the Company's cash position," said John L. Higgins, chief financial officer. "We are pleased to receive additional investment from several Directors and existing investors and to welcome new investors to the Company."

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Connetics Corporation, headquartered in Palo Alto, Calif., is focused on the acquisition, development and marketing of products in the areas of rheumatology and dermatology.