BALTIMORE, July 1 /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc.
(Nasdaq: GLFD) today announced that it has priced its offering of
10,000,000 shares of common stock at a public offering price of $4.50 per
share. Guilford has granted the underwriters an option to purchase up to
1,500,000 additional shares of common stock to cover over-allotments. The
offering is expected to close on or about July 7, 2004, subject to
customary conditions.Guilford expects to receive net proceeds of
approximately $42 million from the sale of 10,000,000 shares of common
stock. Guilford anticipates using the net proceeds from the sale of the
common stock offered to fund clinical trials, including trials for
AQUAVAN(R) Injection and AGGRASTAT(R) Injection; to fund studies for
Guilford's preclinical product candidates; and for working capital,
capital expenditures and other general corporate purposes.
UBS Investment Bank is acting as sole book-running manager in this
offering. CIBC World Markets Corp. and Citigroup are acting as
co-managers.
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.
A prospectus supplement relating to these securities will be filed with
the Securities and Exchange Commission. This offering of the shares of
common stock may be made only by means of the prospectus supplement and
related prospectus, a copy of which will be available from UBS Investment
Bank, ECMG Syndicate, 299 Park Avenue, New York, NY 10171.
