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EXHIBIT 99.1
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CONNETICS COMPLETES $20.0 MILLION PRIVATE PLACEMENT
PALO ALTO, Calif., June 21 /PRNewswire/ -- Connetics Corporation (Nasdaq: CNCT -
news) announced today that it has raised $20.0 million through a private
placement of 2,000,000 shares of the Company's unregistered common stock. The
shares in the offering were sold to existing and new investors. This brings the
number of shares outstanding to approximately 29.3 million. Including the
proceeds from the offering, the Company has approximately $70.0 million in cash,
cash equivalents and restricted securities. The securities sold in the private
placement have not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration.
"This financing provides substantial additional resources to expand our relaxin
clinical activities and commercial development," said John L. Higgins, chief
financial officer of Connetics Corporation. "With growing product revenues,
major relaxin clinical events and a strong balance sheet we believe the Company
is poised for continued success."
About Connetics
Connetics Corporation, headquartered in Palo Alto, California, is a
biopharmaceutical company focused on the development of recombinant human
relaxin for multiple indications and on the development and commercialization of
novel therapeutics for dermatology and other specialty medical markets. For more
information about Connetics and its products, please visit Connetics' Web Site
at www.connetics.com, or send e-mail to [email protected].
This news release contains forward-looking statements and predictions. These
statements represent the Company's judgment as of this date and are subject to
risks and uncertainties that could cause actual results or events to differ
materially from those expressed in such forward-looking statements. Potential
risks and uncertainties include, without limitation, those associated with
product development, clinical trials and future success. These and other factors
are discussed in more depth in Connetics' Form 10-K dated March 2, 2000, the
Form S-3 effective June 20, 2000 and in the Company's other filings with the
SEC. These documents contain and identify important factors that could cause the
actual results to differ materially from those contained in the projections or
forward-looking statements.
