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EXHIBIT 99.1
NEXELL THERAPEUTICS INC.
9 Parker
Irvine, California
92618 1605
t.949 470 9011
f.949 586 2420
www.nexellinc.com
FOR IMMEDIATE RELEASE
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Contact: Tad Heitmann
Nexell Therapeutics Inc.
949-470-6516
NEXELL THERAPEUTICS INC. ANNOUNCES APPROVAL OF REVERSE STOCK SPLIT AND RESULTS
OF ANNUAL MEETING OF STOCKHOLDERS
IRVINE, CA, June 15, 2000 - Nexell Therapeutics Inc. (Nasdaq:NEXL), one of the
world's leading suppliers of therapeutic and diagnostic products based on stem
cell technology, announced that the stockholders at their Annual Meeting
approved a previously announced one-for-four reverse stock split of the
Company's Common Stock. The reverse stock split will be effective at the
opening of business on June 15, 2000. To highlight the effect of the reverse
stock split, the common stock will trade under the symbol "NEXLD" for the next
20 trading days before resuming its normal symbol, "NEXL."
The Company's stockholders also approved a decrease in post-reverse split
authorized shares of common stock from 160,000,000 to 80,000,000. After
considering the one-for-four reverse stock split, the Company has outstanding
approximately 18,750,000 shares of common stock out of the 80,000,000
authorized. Among other derivative securities outstanding, the Company has
27,090,181 shares of Series A Convertible Preferred Stock outstanding
convertible into 6,772,545 shares of common stock and 22,909,091 shares of
Series B Convertible Preferred Stock outstanding convertible into 5,727,272
shares of common stock.
As a result of the reverse stock split, the exercise price of the Company's
publicly traded warrants (Nasdaq: NEXLW) to purchase one share of common stock
will change from $1.35 per share to $5.40 per share, and the warrants will be
exercisable for 1/4 the number of shares of common stock for which they had
been exercisable prior to the reverse stock split. There are also corresponding
adjustments to the Company's privately placed warrants and options.
The Company's stockholders also re-elected Richard L. Dunning, L. William
McIntosh, Donald G. Drapkin, Eric A Rose, M.D., Victor W. Schmitt, Joseph A.
Mollica, Ph.D., Richard L. Casey and C. Richard Piazza as directors, approved an
amendment to the Company's 1997 Incentive and Non-Incentive Stock Option Plan
increasing the number of shares issuable thereunder from 750,000 to 1,312,500
(on a post-reverse split basis) and ratified the appointment of KPMG LLP as
independent auditors for the fiscal year ending December 31, 2000.
Nexell Therapeutics Inc.
Located in Irvine, California, Nexell Therapeutics Inc. (Nasdaq:NEXL) is a cell
therapy company whose mission is to put the healing power of the cell into the
hands of
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physicians. Nexell is developing and marketing innovative ex vivo cell
therapies and in vitro diagnostics for cancer, autoimmune, metabolic and genetic
diseases. Nexell's lead product, the Isolex(R) 300i Magnetic Cell Selection
System, is the only FDA approved device commercially available for the selection
of hematopoietic stem cells and the removal of tumor cells from autologous
peripheral blood as a component of aggressive cancer treatment. In addition,
Nexell markets the Cytonex(TM) ICC Staining Kit and an extensive line of cell
therapy preparation, storage and expansion products including the Cryocyte(TM),
SteriCell(R) and Lifecell(R) brands.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. The forward-looking statements contained
in this release are subject to certain risks and uncertainties. Actual results
could differ materially from current expectations. Among the factors which could
affect the Company's actual results and could cause results to differ from those
contained in the forward-looking statements contained herein are: the timely
commencement and success of the Company's clinical trials and other research
endeavors, delays in receiving FDA or other regulatory approvals, the
development of competing therapies and/or technologies, the terms of any future
strategic alliances, the possible need for additional capital, and any
additional factors described from time to time in the Company's filings with the
SEC.
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