EXHIBIT 99.1
Company Contacts Investor Contacts
Conceptus, Inc. Lippert Heilshorn & Associates
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Oliver Brouse, Director of Finance Bruce Voss ([email protected])
(650) 802-7240 (310) 575-4848
www.conceptus.com Kim Sutton Golodetz ([email protected])
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(212) 838-3777
Media Contact
Elissa Grabowski ([email protected])
(212) 838-3777
www.lhai.com
CONCEPTUS COMPLETES $14 MILLION FINANCING
SAN CARLOS, Calif. (July 24, 2000) - Conceptus, Inc. (NASDAQ NM: CPTS),
developer of the STOP(TM) (Selective Tubal Occlusion Procedure) non-surgical
permanent contraception device for women, today announced the completion of a
private placement of 1.94 million shares of newly issued common stock at $7.2531
per share to select institutional and other accredited investors. The price was
based on a trailing average closing price. The Company's total common stock
outstanding has increased to 11,668,964 shares. PaineWebber Inc. served as the
placement agent for the offering.
"We are very pleased to have closed this financing under these terms and it has
increased our cash position to more than $19 million," commented Steven Bacich,
president and chief executive officer. "These funds will enable us to continue
to ramp up our pivotal trial of the STOP device, accelerate marketing in
Australia and other international markets, and allows us to invest in our
manufacturing and distribution operations."
About STOP
Surgical tubal ligation has become the most common form of contraception
worldwide, despite the fact that it is invasive and costly. About 93% of the
procedures in the U.S. are performed in a hospital or surgi-center under general
anesthesia, requiring 4-5 hours of hospital recovery time and resulting in 3-4
days off work. In contrast, because a STOP procedure does not require cutting or
penetrating the abdomen, the procedure is performed with local sedation, thus
enabling the procedure to be performed in a less costly office setting with
reduced reliance on back-up emergency facilities and personnel. Accordingly, a
woman is expected to spend about 2-3 hours of her day for a STOP procedure and
have a rapid return to normal activities.
The STOP device is a unique and proprietary micro-coil that is deployed
permanently into each fallopian tube using the Company's minimally invasive
transcervical tubal access catheter
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system. Once in place, clinical studies have shown that the STOP device induces
an occlusive tissue response. Phase II interim results with STOP include 136
women with proven fertility. There has been a low rate of adverse events, and in
excess of 99% of patients rated their tolerance to wearing the STOP device as
"good to excellent" at each follow-up visit conducted to date.
About Conceptus
Conceptus, Inc. is developing STOP, an innovative medical device and procedure
designed to provide a non-surgical alternative to tubal ligation, the leading
form of contraception worldwide. Data from the United Nations show that
worldwide, 30% of reproductive couples using contraception rely on surgical
tubal ligation. Additionally, a survey performed by the Centers for Disease
Control and Prevention indicates that surgical tubal ligation continues to be
the most prevalent form of contraception in the U.S., and that 35% of women age
35-44 have had a surgical tubal sterilization. An estimated 800,000 surgical
tubal ligations are performed each year in the U.S., of which 93% are performed
in a hospital or surgi-center and require general anesthesia. Additional
information about the Company and the STOP device is available at
www.conceptus.com.
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements, the accuracy of
which is necessarily subject to risks and uncertainties. The receipt of
regulatory approvals, results of product development programs, and clinical
efficacy of and market demand for products, among other matters discussed in
this release, may differ significantly from the discussion of such matters in
the forward-looking statements. Such differences may be based upon factors
within the Company's control, such as strategic planning decisions by management
and re-allocation of internal resources, or on factors outside of the Company's
control, such as delays by regulatory authorities, scientific advances by third
parties and introduction of competitive products, as well as those factors set
forth in the Company's Annual Report on Form 10-K for the year ended December
31, 1999 and other filings with the Securities and Exchange Commission.
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