Corixa Secures $75 Million Financing Commitment from BNY Capital Markets.Business Editors & Health/Medical Writers BIOWIRE2K SEATTLE--(BW HealthWire)--Dec. 4, 2001 Corixa Corporation (Nasdaq:CRXA), a developer of immunotherapeutics, today announced that it has entered into an agreement with BNY BNY Bank of New York Capital Markets, Inc., a subsidiary of the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , for a $75 million equity line of credit. BNY has agreed to purchase Corixa common stock at a two percent discount to the market price and the financing will be available to Corixa, subject to certain conditions, at its option on an as-needed basis over a period of 24 months. Subject to certain limitations, Corixa has the right to determine the timing and amount of each sale. Shoreline Pacific, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acted as a placement agent on this transaction. "This financing arrangement with BNY is intended to provide Corixa with additional capital to fund our ongoing operations, to continue to actively build our technology base and to develop and market products from our deep pipeline," stated Michelle Burris, chief financial officer and senior vice president at Corixa. "We believe this financing is appropriate in that we control the timing and amount of each stock sale." About Corixa Corixa is a developer of immunotherapeutics with a commitment to treating and preventing autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause , cancer and infectious diseases by understanding and directing the immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. . Corixa is focused on immunotherapeutic products and has a broad technology platform enabling both fully integrated vaccine design and the use of its separate, proprietary product components on a stand-alone basis. Corixa currently has 16 programs in clinical development and 22 programs in preclinical development, including its most advanced product candidate, Bexxar(R), a monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing conjugated conjugated adj. Conjugate. estrogens, conjugated Warning - Hazardous drug! C.E.S. to a radioisotope radioisotope: see radioactive isotope. Radioisotope (biology) A radioactive isotope used in studying living systems, such as in the investigation of metabolic processes. . The company partners with numerous developers and marketers of pharmaceuticals, targeting products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the world. Corixa was founded in 1994 and is headquartered in Seattle, Washington, with additional operations in Hamilton, Montana and South San Francisco, California South San Francisco is a city in San Mateo County, California, United States, located on the San Francisco Peninsula in the San Francisco Bay Area. The population was 60,552 at the 2000 census. . For more information, please visit Corixa's Website at www.corixa.com or call the company's investor relations Investor relations The process by which the corporation communicates with its investors. information line at 1.877.4CORIXA or 877/426-7492. About Bank of New York The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange :BK), is a financial holding company with total assets of over $89 billion as of Sept. 30, 2001. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses: Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, BNY Capital Markets, Retail Banking, and Global Market Services. Additional information on the company is available at http://www.bankofny.com. About Shoreline Pacific Shoreline Pacific, LLC is a specialized investment bank providing innovative private financing and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to publicly traded technology and life sciences companies. Over the last decade, the firm has raised nearly $1.5 billion in financings for over 70 companies. Shoreline Pacific's experienced team of professionals are strongly committed to "relationship banking," working together with clients to develop effective strategies uniquely crafted to assist them in achieving their long-term financial objectives. Additional information regarding Shoreline Pacific can be found on the company's website at www.shorelinepacific.com. Forward Looking Statements Except for the historical information presented, certain matters discussed in this press release are forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. They are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Factors that could affect Corixa's actual results include, but are not limited to, the "Factors Affecting Our Operating Results, Our Business and Our Stock Price," described in Corixa's Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2001, copies of which are available from Corixa's investor relations department. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion