Key Developments For Columbia Laboratories, Inc.
Columbia Laboratories, Inc. (CBRX.O) (Consolidated Issue listed on NASDAQ Global Market)
Columbia Laboratories, Inc. Closes Registered Direct Common Stock And Warrant Offering
Columbia Laboratories, Inc. announced that it has raised approximately $11,772,000 in gross proceeds to the Company through the sale of 10,900,000 shares of its common stock and warrants to purchase 5,450,000 shares of its common stock in a registered direct offering. The common stock and warrants were sold in units, with each unit consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock at a price of $1.08 per unit in a registered direct offering. The warrants will be exercisable at an exercise price of $1.52 per share of common stock at any time on or after April 30, 2010 and ending on April 30, 2015. Net proceeds to the Company are expected to be approximately $10,709,000 after offering-related fees and expenses. Oppenheimer & Co. Inc. and The Benchmark Company, LLC served as lead placement agent and co-placement agent, respectively, for the transaction.
Columbia Laboratories, Inc. Announces Registered Direct Common Stock Offering
Columbia Laboratories, Inc. announced that it has priced a transaction to raise up to approximately $11,772,000 through the sale of up to approximately 10,900,000 shares of its common stock and warrants to purchase 5,450,000 shares of its common stock in a registered direct offering. The common stock and warrants will be sold in units, with each unit consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. Each unit will be sold at a negotiated price of $1.08 per unit. Net proceeds are expected to be up to approximately $10,709,000 after offering-related fees and expenses. Columbia intends to use the net proceeds from the offering for general corporate purposes, including funding the completion of its ongoing clinical trial to reduce the risk of preterm birth in women with a short cervix at mid-pregnancy, the development of its next generation products for infertility and prevention of preterm birth in women with a short cervix, its other clinical development and other research and development activities, internal and/or collaborative sales, marketing and distribution expenditures, capital expenditures and working capital needs. The transaction is expected to close on or about October 28, 2009. Oppenheimer & Co. Inc. and The Benchmark Company, LLC served as lead placement agent and co-placement agent, respectively, for the transaction.
Columbia Laboratories, Inc.'s CRINONE 8% (Progesterone Gel) is Equally Effective and Significantly Better Tolerated Than Intramuscular Progesterone
Columbia Laboratories, Inc. announced data from the randomized clinical study comparing any vaginal progesterone to intramuscular injections of progesterone (IM progesterone) for infertility treatment. Results from this study demonstrated that CRINONE vaginal progesterone gel is equally effective and significantly better tolerated than IM progesterone for luteal phase support in IVF-ET (In Vitro Fertilization and Embryo Transfer) cycles. Over 400 study participants were randomized to receive CRINONE (n=206) or IM progesterone (n=201), 48 or 24 hours after egg retrieval, respectively. No differences were observed between CRINONE and the IM progesterone groups in overall pregnancy rates, implantation, ongoing pregnancy or failed pregnancy rates. Patients were also surveyed at the completion of the cycle, and reported that CRINONE was significantly better tolerated than IM progesterone (4.4 versus 2.5 on a 5 point scale; p=0.0001).
Columbia Laboratories, Inc. Announces Clinical Pregnancy Rates Comparable In Older Women Undergoing IVF-ET, Using Three Different Progesterone Preparations
Columbia Laboratories, Inc. announced that a retrospective analysis, conducted at a large infertility clinic between January 2003 and December 2008, demonstrated that there were no significant differences in pregnancy outcomes with three different progesterone formulations for women aged 35 to 40 undergoing in vitro fertilization-embryo transfer (IVF-ET) procedures. The study, conducted at Boston IVF, compared the efficacy of luteal supplementation with a once daily dosing of vaginal progesterone gel (CRINONE 8%), a progesterone capsule formulation administered three times daily and intramuscular progesterone given once daily. In all cases, progesterone was started the day following egg retrieval.
Columbia Laboratories, Inc. And PharmaBio Agree To One Year Extension Of Final Payment Under STRIANT Financing Agreement
Columbia Laboratories, Inc. announced that it has signed an agreement with PharmaBio Development, Inc., an affiliate of Quintiles Transnational Corp., under which Columbia can extend its final royalty payment on sales of STRIANT (testosterone buccal system) from November 2010, to November 2011. The final payment is estimated at approximately $16.4 million. In March 2003, PharmaBio agreed to pay $15.0 million to Columbia in exchange for the right to receive a 9% royalty on net sales of STRIANT in the U.S. through September 2010. The royalty payments are subject to an aggregate minimum payment of $30.0 million. As of March 31, 2009, Columbia had paid $13.3 million in royalties to PharmaBio. The balance of the minimum royalty payment, due November 30, 2010, is estimated to be approximately $16.4 million. Columbia and PharmaBio have agreed that on the due date in November 2010, Columbia may, in its sole discretion, either pay the balance due or issue to PharmaBio a secured promissory note for that balance. In consideration for this right, Columbia has agreed to escrow any proceeds from the sale of assets outside the ordinary course of business in excess of $15.0 million for the remaining term of the royalty agreement, and to grant PharmaBio a warrant, exercisable for five years, to purchase 900,000 shares of Columbia`s common stock at $1.15 per share.
