Key Developments For Achillion Pharmaceuticals, Inc.
Achillion Pharmaceuticals, Inc. (ACHN.O) (Consolidated Issue listed on NASDAQ Global Market)
Achillion Pharmaceuticals, Inc. Enters $15 Million Standby Equity Distribution Agreement
Achillion Pharmaceuticals, Inc. announced that it has entered into a standby equity distribution agreement (SEDA) with YA Global Master SPV, Ltd, a fund managed by Yorkville Advisors (YA), whereby Achillion has the option, at its sole discretion, to sell up to $15 million of common stock to YA. Under the SEDA, Achillion will be able to sell, and YA will be obligated to buy, up to $300,000 of Achillion common stock in any five-day period. Prior to drawing down its first advance under the SEDA, Achillion is obligated to file a registration statement with the Securities and Exchange Commission covering resale of the shares. The SEDA has a two year term and may be terminated at any time by Achillion. The price of the common stock sold under the SEDA will be calculated on the basis of the volume-weighted average price of Achillion shares, less a 5% discount. In connection with the SEDA, Achillion paid YA a one-time fee of $25,000 and issued YA 191,302 shares of common stock as a commitment fee.
Achillion Pharmaceuticals, Inc. Announces First-in-Human Dosing Of ACH-1625 For Treatment Of Hepatitis C
Achillion Pharmaceuticals, Inc. announced that the Company has begun dosing in a Phase I clinical trial of ACH-1625, a protease inhibitor for the treatment of hepatitis C virus (HCV) infection. The Phase I clinical trial is a randomized, double-blind, placebo-controlled trial to investigate the safety, tolerability, pharmacokinetic profile and antiviral activity of ACH-1625 after single and multiple ascending oral doses in healthy volunteers, and oral ascending repeat doses in subjects with hepatitis C infection. The trial will take place in Europe and is designed to enroll 54 subjects including both healthy volunteers and HCV-infected patients. Data from the trial are anticipated to be announced later this year.
Achillion Pharmaceuticals, Inc. Granted U.S. Patent for NS4A Antagonists in Hepatitis C
Achillion Pharmaceuticals, Inc. announced that the U.S. Patent & Trademark Office has granted Achillion U.S. Patent No. 7,476,686 related to the Achillion NS4A antagonists to treat the hepatitis C virus (HCV). This new patent, entitled "Substituted Aryl Thioureas and related compounds; inhibitors of viral replication," includes novel mechanism of action claims and expires in 2025.
Achillion Pharmaceuticals, Inc. Issues FY 2009 EPS Guidance Above Analysts' Estimates
Achillion Pharmaceuticals, Inc. announced that for fiscal 2009, it expects net loss per share (EPS) to range from $0.95 to $0.98 per share. According to Reuters Estimates, analysts were expecting the Company to report EPS of $(1.01) for the same period.
Achillion Pharmaceuticals, Inc. Announces Private Placement Financing For Up To $41.5 Million
Achillion Pharmaceuticals, Inc. announced that it has entered into definitive agreements for $31.1 million and up to an additional $10.4 million in a private placement financing with a select group of institutional investors led by ProQuest Investments, and joined by Clarus Ventures and Investor Growth Capital, Inc. The investment in Achillion includes the sale and issuance of 10,714,655 units, with each unit consisting of one share of the Company's common stock and a warrant to purchase 0.25 shares of common stock, at a price of $2.9049 per unit. The investors may have the option to purchase an additional 3,679,078 units between February 2009 and August 2009. The warrants, which represent the right to acquire an aggregate of 2,678,664 shares of common stock, have a seven-year term from the date of issuance and will be exercisable at a price of $3.53 per share. The transaction is expected to close on or about August 11, 2008, subject to the satisfaction of certain customary closing conditions. Lazard Freres & Co. LLC served as placement agent for the financing.
