Genset Confirms Status of Equity Line Progress.Business Editors PARIS--(BUSINESS WIRE)--Oct. 12, 2001 Genset, S.A. (Nasdaq:GENXY) (Euroclear:5433), today confirmed that it continues to work towards finalizing its equity line financing. Genset has negotiated new conditions with Societe Generale, its financial intermediary Financial Intermediary An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions. Notes: This can include chartered banks, insurance companies, investment dealers, mutual funds, and pension funds. for this financing, and submitted the revised agreement to the Commission des Operations de Bourse bourse (b  rs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. (COB or French securities regulation authority). Upon preliminary approval from the COB, the Company will seek shareholder approval and prepare the definitive documents to be submitted to the COB. Subject to obtaining shareholder approval and a definitive visa from the COB, the Company will be in a position to start using the equity line. Genset expects this entire process to take two to three months. Genset had announced on July 23 the signature of an agreement with Societe Generale to put in place an equity line. Following this announcement, the COB published new conditions applicable to the implementation of any equity line by a French listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → . One of these new conditions was contrary to the terms of Genset's agreement with Societe Generale. Since that date, Genset has been working closely with Societe Generale and the COB to define the terms that will make it possible to adapt this innovative financial instrument to the French context. These discussions led Genset to negotiate new conditions with Societe Generale, which as financial intermediary may in the short term resell many or all of the subscribed shares into the market. The maximum amount that may be raised under these new conditions is expected to be lower than the maximum of 50 million euros over two years previously announced. The Company will announce the new conditions by way of press release once the COB gives its preliminary approval. Genset is a genomics-based pharmaceutical company focused on generating a pipeline of drug targets and candidates in the areas of CNS See Continuous net settlement. CNS See continuous net settlement (CNS). and metabolic disorders. Genset has successfully used its integrated technology platform and association studies approach to identify and characterize drug targets and drug response markers in the fields of CNS, metabolic and other diseases. Building upon the expertise accumulated in various alliances with pharmaceutical partners and its portfolio of genomic patents, Genset now intends to pursue and validate novel drug targets and candidates for its own account. Its teams have already discovered and launched the development of a lead protein candidate in the obesity field named Famoxin, and are continuing their research with a view to discovering and developing other drugs. Genset's news releases are available on the Company's Web site at http://www.genxy.com . In addition to historical information, this press release contains certain 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. that involve risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our future financial and scientific performance. Such statements are based on our current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In evaluating such statements, readers should specifically consider factors which could affect expected results, including, but not limited to the uncertainties inherent in obtaining shareholder and regulatory approvals. Other factors which could cause results to differ from expectations are specified in the reports filed by Genset with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Genset does not intend (and is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. ) to update any such statements to reflect any changes in events, conditions or circumstances on which the statements are based. This announcement is not an offer of securities for sale in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. or any other jurisdiction. The shares of the Company's stock to be purchased by SG Cowen 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 exemption from registration. Genset is listed on the Nouveau Marche Nouveau Marche An equity market unit of the Paris Bourse that deals solely in innovative, high-growth companies. of the Paris Bourse Paris Bourse National stock market of France. and on the NASDAQ Euroclear: 5433 - NASDAQ: GENXY - Bloomberg: GNST GNST Good Night, Sleep Tight GNST Greater Nebraska Swim Team GNST Greenstone (lithological term) GNST Glossary of Naval Ship Types GNST Glacier Nordic Ski Team FP - Reuters: GEN.F |
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