[How much dilution are we talking about? That's my main question. BTW, props to you rkrw, and others, on this call. I held out hope that ACHN would be able to land a lucrative partnership in lieu of any dilution given the news to date for ACH-1625. Hopefully the dilution will not be too significant and will just be enough to increase ACHN's position at the bargaining table for ACH-1625. We shall see.]
Achillion Announces Proposed Public Offering of Common Stock
NEW HAVEN, Conn., Jan. 21, 2010 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN - News), a leader in the discovery and development of treatments for the most challenging infectious diseases, today announced that it intends to offer, subject to market, regulatory and other conditions, shares of its common stock in an underwritten public offering. The offering is expected to price before 9:30 am EST on Friday, January 22, 2010. Roth Capital Partners is acting as sole book-running manager for the offering, and Noble Financial Capital Markets and National Securities are co-managers.
The securities described above are being offered by the Company pursuant to a shelf registration statement which was filed with the Securities and Exchange Commission (SEC) and became effective on October 16, 2009. A prospectus supplement describing the terms of this offering will be filed with the SEC and forms a part of the effective registration statement.
When available, copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying base prospectus relating to this offering can be obtained at the SEC's website at http://www.sec.gov. Interested parties may also contact Roth Capital Partners by e-mail to rothecm@roth.com, by fax to (949) 720-7227, or by mail to 24 Corporate Plaza Drive, Newport Beach, CA, 92660, Attention: Equity Capital Markets.
About Achillion
Achillion is an innovative pharmaceutical company dedicated to bringing important new treatments to patients with infectious disease. Achillion's proven discovery and development teams have advanced multiple product candidates with novel mechanisms of action. Achillion is focused on solutions for the most challenging problems in infectious disease -- hepatitis C, resistant bacterial infections and HIV. For more information on Achillion Pharmaceuticals, please visit www.achillion.com or call 1-203-624-7000.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to the potency, safety and other characteristics of ACH-1625, which may not be duplicated in future cohorts at different doses or in future clinical studies of longer duration; Achillion's expectations regarding timing and duration of other clinical trials, including additional dosing cohorts. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: uncertainties relating to results of clinical trials, unexpected regulatory actions or delays, and Achillion's ability to obtain additional funding required to conduct its research, development and commercialization activities. These and other risks are described in the reports filed by Achillion with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
All forward-looking statements reflect Achillion's expectations only as of the date of this release and should not be relied upon as reflecting Achillion's views, expectations or beliefs at any date subsequent to the date of this release. Achillion anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while Achillion may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. ACHN-G
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