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Maxim Pharmaceuticals (MAXM) Message Board

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  • jgarush jgarush Jul 26, 1999 3:46 PM Flag

    convertible offering soon?

    SAN DIEGO, CA, July 26 (dbusiness)� Maxim
    Pharmaceuticals received $20 million through a private placement
    of stock from undisclosed new and existing
    investors.

    The money will be used to complete the
    company�s third phase of clinical trials on its flagship
    melanoma and leukemia drug product, Maxamine, other
    clinical studies and general purposes. The company is
    developing advanced drugs, therapies and vaccines for cancer
    and infectious diseases.


    Jamie

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    • So is the $20 million placement good news or not
      quite such good news? The proxy statment indicated that
      "The Company currently
      anticipates issuing between
      $50 and $75 million of such Notes." Any indication
      whether the change is due to changed needs (unlikely) or
      an inability to raise more at this time (very
      possible)? $20 million is nice, but it doesn't seem like
      enough to support the current studies for very long. I
      assume the ambiguity of the situation is the reason the
      stock hasn't moved much.

      xenopus17