NEORX RECEIVES $9 MILLION FROM DAVID BLECH
NEORX RECEIVES $9 MILLION FROM DAVID BLECH SEATTLE, Dec. 18 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX)
announced today that it has received the $9 million balance of a previously announced $10 million financing agreement with David Blech. The terms of the agreement provide that NeoRx issue 10 million shares of common stock, 5 million five-year warrants to purchase common stock at $1.75 per share, and 5 million five-year warrants to purchase common stock at $2.50 per share. If all the warrants are exercised, NeoRx would ultimately realize total proceeds of $31 million.
At an initial closing on Sept. 26, 1991, the company received $1 million cash and issued one million shares of common stock and warrants to purchase one million additional shares of common stock on the terms described above. Robert M. Littauer, vice president, chief financial officer and treasurer of NeoRx, stated, "We are very pleased to have concluded this financing and to have available not only the financial resources of the Blech organization, but their expertise in the biotechnology business. At our present cash burn rate, these proceeds, combined with our present cash reserves, will see us through fiscal 1993." NeoRx Corporation, incorporated in May 1984, is developing monoclonal antibody-based pharmaceutical products for in vivo detection and treatment of certain types of cancer. The company has three cancer therapy trials in progress and has filed for marketing approval with the FDA for two OncoTrac(R) imaging products to detect metastatic melanoma and small cell lung cancer. -0- 12/18/91 /CONTACT: Robert M. Littauer, vice president, chief financial officer and treasurer of NeoRx, 206-286-2519; or Anthony J. Russo or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for NeoRx/ (NERX) CO: NeoRx Corporation ST: Washington IN: MTC SU: FNC GK -- NY005 -- 3259 12/18/91 08:52 EST
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|Date:||Dec 18, 1991|
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