Contacts:
(1) Rick Pierce Douglas MacDougall
V.P., Finance & Investor Relations Chris Erdman
SafeScience, Inc. Feinstein Kean Partners Inc.
(617) 422-0674 (617) 577-8110
www.safescience.com www.fkpi.com
------------------- -------------
II. FOR IMMEDIATE RELEASE
---------------------
A. SAFESCIENCE, INC. ANNOUNCES $4.7 MILLION PRIVATE
PLACEMENT OF SECURITIES
BOSTON, MA, JANUARY 12, 2001 - SafeScience, Inc., (Nasdaq: SAFS) today announced
that it has raised $4.7 million in net proceeds from an institution and
accredited investors. In connection with this financing, the company issued
approximately 3,960,000 shares of common stock at $1.19 per share and
fixed-price-cash warrants to purchase approximately 1,964,000 additional shares
at an average weighted price per share of $2.56, exercisable for a period of
five years. No future price adjustment mechanisms were provided in the
financing.
The common stock sold has not been registered under the Securities Act of 1933
and may not be offered or sold in the United States, except pursuant to an
applicable exemption from the Securities Act registration requirements.
The company intends to use the proceeds from the sale of its common stock to
further advance the Phase II clinical development of GBC-590, its lead drug
candidate, and to provide it with working capital for other general corporate
purposes.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the common stock. This press release is being issued pursuant to
Rule 135c under the Securities Act.
a. Safe Harbor Statement
Any statements contained in this release that relate to future plans, events or
performance are forward-looking statements that involve risks and uncertainties,
including, but not limited to, risks of product non-approval or product
development and market acceptance risks, the impact of competitive products and
pricing, the results of current and future licensing and other collaborative
relationships, the results of financing efforts, developments regarding
intellectual property rights and litigation, and other risks identified in the
Company's Securities and Exchange Commission filings. Actual results, events or
performance may differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as the date
hereof. The Company undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
###
