BIOCHEM PHARMA WITHDRAWS INTERNATIONAL EQUITY OFFERING
BIOCHEM PHARMA WITHDRAWS INTERNATIONAL EQUITY OFFERING LAVAL, Quebec, June 8 /PRNewswire/ -- BioChem Pharma Inc.
("BioChem") (NASDAQ: BCHXF) announced today that, due to the fall in its share price in recent weeks, it has decided not to proceed with its combined international offering of 3,500,000 new common shares.
BioChem confirms that there have been no adverse changes in its business that would explain the decline in its share price. To the contrary, the Phase I/II clinical trails on the company's anti-AIDS compound 3TC, which are being conducted by Glaxo, are progressing well with preliminary information from such trails to be presented at the International AIDS Conference in Amsterdam next month. The company's financial position remains strong with net cash exceeding $30 million. This position is expected to be further enhanced by new capital from warrant, option and equity subscriptions amounting in aggregate to approximately $40 million during the rest of the current financial year to Jan. 31, 1993. BioChem was pleased by the quality and quantity of demand in the UK and Continental Europe where it received indications of interest significantly in excess of the targeted amount of 1,750,000 new common shares. The company is committed to proceed with a full listing on the London Stock Exchange later in the year. In view of their success in the UK and Continental Europe, Kleinwort Benson have been appointed global financial adviser to BioChem Pharma. BioChem Pharma Inc. is a pharmaceutical company dedicated to research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases. The company's common shares are traded on the Montreal and Toronto stock exchanges (BCH) and on the NASDAQ exchange (BCHXF). -0- 6/8/92 /CONTACT: Francesco Bellini, president and chief executive officer of BioChem Pharma, 514-681-1744; Gordon Duncan, director of Kleinwort Benson, 011-44-71-623-8000; or Luc Beauregard or Michele Roy of National Public Relations Inc., 514-843-7171, for BioChem/ (BCHXF) CO: BioChem Pharma Inc. ST: Quebec IN: MTC SU: OFR
TQ-SM -- NY030 -- 7841 06/08/92 10:59 EDT
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|Date:||Jun 8, 1992|
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