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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
GENOME THERAPEUTICS RAISES $44.7 MILLION
IN ADDITIONAL CAPITAL
Waltham, Mass., July 10, 2000 - Genome Therapeutics Corp. (Nasdaq: GENE) today
announced it has raised $44.7 million, net of offering expenses, in additional
capital through the sale of common stock in a series of transactions on the
Nasdaq National Market system. Investment banking firm Tucker Anthony
Incorporated acted as the agent to the Company for these transactions.
The Company sold 1.5 million shares, at a weighted average price of $31.01,
through Tucker Anthony's corporate services division.
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. The offer is made
only by the prospectus, a copy of which may be obtained from Genome Therapeutics
Corp., 100 Beaver Street, Waltham, MA 02453, Attn: Investor Relations.
Genome Therapeutics (www.genomecorp.com) is a leader in the commercialization of
genomics-based drug discovery. The Company's gene discovery strategy is to
identify and characterize human genes associated with major diseases and
elucidate microbial genes as novel drug targets against many serious infectious
organisms. Together with its strategic partners, which include Schering-Plough,
AstraZeneca, Wyeth-Ayerst and bioMerieux, Genome Therapeutics is using genomic
information to develop a new generation of genomics-based pharmaceutical,
vaccine and diagnostic products.
Statements in this press release that are not strictly historical are "forward
looking" statements as defined in the Private Securities Litigation Reform Act
of 1995. A number of important factors could cause actual results to differ
materially from those projected or suggested in the forward looking statement
including, but not limited to, the ability of the Company and its alliance
partners to (i) successfully develop products based on the Company's genomic
information, (ii) obtain the necessary governmental approvals, (iii) effectively
commercialize any products developed before its competitors and (iv) obtain and
enforce intellectual property rights, as well as the risk factors described in
the Company's Annual Report on Form 10-K.
Contacts:
Christopher Taylor Douglas MacDougall
Director of Investor Relations Vice President
Genome Therapeutics Corp. Feinstein Kean Healthcare
(781) 398-2466 (617) 577-8110
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