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VGX Pharmaceuticals
closes investment by the Korea Development Bank
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Bell, PA – September 19, 2007 – |
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VGX Pharmaceuticals announced today that it has closed
a $4 million common stock investment by the Korea Development Bank.
The Company intends to use the proceeds for the development of its drug
candidates and for its working capital needs. The Company currently has
two candidates in Phase II clinical trials and expects several preclinical
candidates to enter Phase I trials in the coming months.
“The investment by KDB represents a significant outside validation
of all the hard work and progress that our Company has made. We are truly
delighted that KDB has become an investor in our Company and we hope that
this is just the beginning of a long and fruitful relationship between
us. While we were not actively seeking financing at this time, having
an investor of KDB’s stature and influence was an opportunity that
we could not afford to miss,” said Dr. J. Joseph Kim, CEO of VGX
Pharmaceuticals.
Cautionary
Factors That May Affect Future Results - Materials in this
Web site contain information that includes or is based upon forward-looking
statements within the meaning of the Securities Litigation Reform
Act of 1995. Forward-looking statements relate to expectations or
forecasts of future events. You can identify these statements by the
fact that they do not relate strictly to historical or current facts.
They use words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning
in connection with a discussion of potential future events, circumstances
or future operating or financial performance. In particular, these
include statements relating to future actions, prospective products
or product approvals, future performance or results of current and
anticipated products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, and financial results. Any or all of our
forward-looking statements here or in other publications may turn
out to be wrong. They can be affected by inaccurate assumptions or
by known or unknown risks and uncertainties. Many such factors will
be important in determining our actual future results. Consequently,
no forward-looking statement can be guaranteed, and forward-looking
statements may be adversely affected by factors, including general
market conditions, competitive product development, product availability,
current and future branded and generic competition, federal and state
regulations and legislation, manufacturing issues, timing of the elimination
of trade buying, patent positions, litigations and investigations.
Our actual results may vary materially, and there are no guarantees
about the performance or valuation of VGX stock. It is also important
to read the disclosure notice contained in many of the individual
VGX documents available on this Web site as many contain important
information on such cautionary factors as of the date of the individual
document. We undertake no obligation to correct or update any forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised, however, to consult any further disclosures
we make on related subjects in our reports. |
About VGX
Pharmaceuticals
VGX Pharmaceuticals is a biopharmaceutical company with small molecule and
biologic product candidates for the treatment of infectious diseases, cancer
and inflammatory diseases. The Company's clinical development programs include
PICTOVIR™ for HIV infection and VGX-410C for chronic HCV infection,
both of which are currently in Phase II clinical trials. In addition, VGX
is planning to initiate Phase I clinical studies for VGX-1027, its lead
compound for inflammatory diseases. VGX's research pipeline include a new
generation of DNA vaccines and therapeutics as well as CELLECTRA™,
a patented DNA delivery device. The product candidates and technology programs
are protected by the Company's extensive global intellectual property portfolio.
More information about VGX can be found at www.vgxp.com.
About Korea Development Bank
Korea Development Bank is a state-owned bank founded in 1954 in accordance
with The Korea Development Bank Act for the purpose of financing and managing
major industrial projects to expedite industrial development and enhance
the national economy. KDB enjoys a special status as Korea's sole developmental
finance institution. The bank acts as an intermediary to ensure that capital
is channeled to strategic and often under-served sectors. It also plays
a critical role in the country's reform efforts by providing advisory services
and capital to facilitate corporate restructuring. More information about
KDB can be found at t www.kdb.co.kr.
Company Contact:
Kevin W. Rassas
Senior Vice President
Tel. 267.440.4208
Fax 267.440.4242
E-mail: Rassas@vgxp.com
www.vgxp.com
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