SAN DIEGO, Feb. 20 /PRNewswire-FirstCall/ -- Cadence Pharmaceuticals, Inc. , a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, today announced that it completed its previously announced registered direct offering of approximately 9.2 million shares of common stock at a price of $5.34 per share, for gross proceeds of $49.3 million.
"The proceeds from the offering will enable us to continue to advance the clinical development programs for our two products candidates, Acetavance(TM) for the treatment of acute pain and fever, and Omigard(TM) for the prevention of catheter-related infections," stated Ted Schroeder, President and Chief Executive Officer of Cadence. "We believe that we now have sufficient capital to advance these two product candidates through to NDA submissions, currently anticipated in the first half of 2009."
In addition to significant participation from existing investors Domain Associates, Frazier Healthcare Ventures and Versant Ventures, as well as from certain executive officers and directors of Cadence, other investors participating in this financing included, among others, Bay City Capital.
All of the shares of Cadence common stock were issued pursuant to an effective registration statement previously filed with the U.S. Securities and Exchange Commission. The offering and sale of these securities were made only by means of a prospectus supplement and accompanying prospectus. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Cadence Pharmaceuticals, Inc.
Cadence Pharmaceuticals is a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting. The company currently has two Phase III product candidates in development, Acetavance(TM) (intravenous acetaminophen) for the treatment of acute pain and fever, and Omigard(TM) (omiganan pentahydrochloride 1% topical gel) for the prevention of catheter- related infections.
Forward-Looking Statements
Cadence cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include statements regarding the advancement of the company's clinical development programs for its product candidates, the timeframes in which the company expects to file submissions with regulatory authorities seeking marketing authorization for its product candidates, and the adequacy of the company's funding to advance its product candidates through to NDA submissions. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in Cadence's business, including, without limitation: Cadence's dependence on the success of its only two product candidates; delays in completing the company's clinical trials or achieving its product development goals, or significant issues regarding the results, design or execution of its clinical trials; the potential need to expand Cadence's ongoing clinical trials or to conduct additional clinical trials; the market potential for the company's product candidates, and its ability to compete with new or existing products; unanticipated adverse side effects or inadequate therapeutic efficacy of its product candidates; delays or quality issues with respect to completion of pre-commercialization manufacturing development activities; other difficulties or delays in developing, testing, manufacturing, obtaining regulatory approval for, and marketing Cadence's product candidates; the scope, validity and limitations in the company's patent rights, and its ability to maintain patent protection for its product candidates; the need to obtain substantial additional funding to complete Cadence's clinical development programs and successfully launch its products, and the potential that the company may not be able to raise sufficient capital when needed, or at all; and other risks detailed in Cadence's prior press releases as well as in Cadence's periodic public filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Cadence undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Cadence(TM), Acetavance(TM) and Omigard(TM) are trademarks of Cadence Pharmaceuticals, Inc.
Contacts: William R. LaRue SVP & Chief Financial Officer Cadence Pharmaceuticals, Inc. 858-436-1400 Anna Gralinska Director, Investor Relations Cadence Pharmaceuticals, Inc. 858-436-1452
