Favrille to Raise $10 Million in Registered Direct Common Stock Offering
SAN DIEGO, Feb. 13 -- Favrille, Inc. , a biopharmaceutical company developing patient-specific, active immunotherapies for the treatment of cancer, announced today that the Company has received commitments from selected investors, including Federated Kaufmann Fund and MPM BioEquities Adviser, LLC, to purchase 3.3 million shares of the Company's common stock at a price of $3.00 per share pursuant to an effective shelf registration statement.
The closing of the offering is expected to take place on February 13, 2007, 2007.
Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Favrille, Inc. 10445 Pacific Center Court, San Diego, CA 92121, Attention: Investor Relations, or by calling (858) 526-8000.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Favrille, Inc.
Favrille, Inc. is a biopharmaceutical company focused on the development and commercialization of targeted immunotherapies for the treatment of cancer and other diseases of the immune system. The Company's lead product candidate, FavId, is based upon unique genetic information extracted from a patient's tumor. FavId is currently under investigation in a pivotal Phase 3 clinical trial for patients with follicular B-cell NHL and Phase 2 clinical trials in other B-cell NHL indications. The Company is developing additional applications based on its immunotherapy expertise and proprietary cost- effective manufacturing technology, including a second product candidate, FAV- 201, for the treatment of cutaneous T-cell lymphoma.
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, references to the expected closing date for the financing, Favrille's product candidates, proprietary technologies and research programs. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Favrille's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to whether the offering will close as expected on February 13, 2007, if at all; progress and timing of clinical trials for FavId, including difficulties or delays in development, testing, manufacturing and marketing FavId or Favrille's other product candidates; Favrille's ability to obtain marketing approval for FavId or Favrille's other product candidates and the timing of any such approvals; Favrille's ability to manufacture sufficient quantities of FavId for use in clinical trials and, if FavId receives marketing approval, for commercialization; risks associated with achieving projected operating metrics and financial performance or the anticipated number of patients using FavId; potential delays in patient enrollment; Favrille's ability to obtain additional financing to support its operations; and additional risks discussed in Favrille's filings with the Securities and Exchange Commission. In addition, conclusions regarding the safety and efficacy of Favrille's product candidates cannot be made until the results of future clinical trials of longer duration in more patients are known. All forward-looking statements are qualified in their entirety by this cautionary statement. Favrille is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
CONTACT: Tamara A. Seymour, CFO and Vice President, Finance &Administration, +1-858-526-8035, , or Pete De Spain,Associate Director, Investor Relations & Corporate Communications,+1-858-526-2426, , both of Favrille, Inc. [email protected] [email protected]