Message #76 From:
NewsBot Date: November 29, 2006 11:15:00 AM
NYMX News Nymox Announces $13 Million Equity Financing
HASBROUCK HEIGHTS, N.J.--(BUSINESS WIRE)--Nymox Pharmaceutical Corporation (NASDAQ: NYMX) announced today that the
Company has secured new commitment for $13 million in private equity
financing. The funds will be used for general corporate purposes. The
private placement of common stock is with institutional investors who
have participated in previous successful financings for the company, and
is priced at a 3% discount to the market price. There are no warrants
with the placement and no restrictions on other corporate financing.
Nymox's CEO, Paul Averback, said, "This financing allows Nymox to
continue to advance our products in development to market while
maintaining our very low burn rate, with minimal dilution to our
shareholders. The company has no long term debt.”
Nymox Pharmaceutical Corporation is a biotechnology company engaged in
the research and development of therapeutics and diagnostics, with a
particular emphasis on products targeted for the unmet needs of the
aging population. Currently Nymox has three products on the market, and
a healthy pipeline of drug and diagnostic products. The Company also has
several hundred patents and patent applications. The Company is
developing NX-1207, a drug for benign prostatic hyperplasia (BPH). The
Company recently announced positive results from a large U.S.
multi-center Completed Phase 2 study of NX-1207. Nymox has a number of
drugs in development for E. coli infection, Alzheimer’s
disease, oncology, and infectious disease. The Company markets NicAlertTM
and TobacAlertTM tests for measuring tobacco
product exposure, and AlzheimAlertTM, a test to
aid in the diagnosis of Alzheimer's disease.
This press release contains certain “forward-looking
statements” as defined in the United States
Private Securities Litigation Reform Act of 1995 that involve a number
of risks and uncertainties.There can be no assurance that such
statements will prove to be accurate and the actual results and future
events could differ materially from management’s
current expectations.Such factors are detailed from time to time
in Nymox's filings with the United States Securities and Exchange
Commission and other regulatory authorities.
