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EXHIBIT 99.1
RIBOZYME PHARMACEUTICALS TO HAVE $60 MILLION EQUITY FINANCING FACILITY
BOULDER, Colo., Dec. 29 /PRNewswire/ -- Ribozyme Pharmaceuticals, Inc.
(RPI) (Nasdaq: RZYM) has signed an agreement with Acqua Wellington North
American Equities Fund Ltd. ("Acqua Wellington") to set up an equity
financing facility covering the sale of up to $60 million of the company's
stock over the next 28 months.
The financing will be made pursuant to a shelf registration filed by RPI
with the Securities and Exchange Commission covering the sale of up to 3 million
shares of its stock. The shares may be sold at RPI's discretion and as market
conditions warrant at a small discount to market at the time of sale. RPI will
control the quantity and timing of each incremental sale of stock. Any proceeds
will be used by RPI for general corporate purposes. "While RPI currently has a
strong cash position, we are pleased to have the flexibility to raise capital
when warranted by market conditions," said Ralph E. Christoffersen, Ph.D.,
President and CEO.
Acqua Wellington Asset Management, LLC acts as an advisor to the Acqua
Wellington Family of Funds, which is targeted at investment opportunities among
mid-cap and small-cap publicly traded companies in domestic and global markets.
The primary focus is in the life sciences and technology sectors.
RPI (http://www.rpi.com), located in Boulder, Colorado, is the acknowledged
leader in ribozyme therapeutic development. RPI is partnered with Chiron
Corporation for the development and commercialization of ANGIOZYME-TM-, an
anti-angiogenic ribozyme designed to inhibit the growth of new blood supplies to
tumors and prevent tumor growth and metastasis. ANGIOZYME recently completed a
Phase I/II clinical trial in cancer patients at the Cleveland Clinic and will be
initiating several Phase II studies in Q4 2000 and Q1 2001. RPI is also
developing an anti-Hepatitis C ribozyme, HEPTAZYME-TM-, which has demonstrated
potent efficacy in cell culture assays and will soon be entering Phase II
clinical trials in chronic Hepatitis C patients. A Phase I/II study was
completed in September 2000. RPI recently announced a development program for a
ribozyme therapeutic against Hepatitis B. RPI is also partnered with an
affiliate of Elan Corporation plc for development of HERZYME-TM-, an anti-HER-2
ribozyme for treatment of breast and other cancers, through the RPI/Elan joint
venture, Medizyme Pharmaceuticals Ltd.
This press release contains forward-looking statements that involve risks
and uncertainties, and actual events or results may differ materially. These
risk factors include actions by the U.S. Food and Drug Administration,
technological advances, ability to obtain rights to technology, ability to
obtain and enforce patents, ability to commercialize and manufacture products
and general economic conditions. These and additional risk factors are
identified in RPI Securities and Exchange Commission filings, including the
Forms 10-K and 10-Q and in other SEC filings.
SOURCE Ribozyme Pharmaceuticals, Inc.
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Web site: http://www.rpi.com
CONTACT: Ralph E. Christoffersen, Ph.D., CEO and President of
Ribozyme Pharmaceuticals, Inc., 303-449-6500; or Daniel McCue of
Freeman McCue Public Relations, 714-557-3663, for Ribozyme
Pharmaceuticals, Inc.
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