Integrated Pharmaceuticals Closes Successful Private Placement; Will Use Funds to Get Production Facility Up and Running MA. 03/11/2004 - PR Newswire

BOSTON, March 11 /PRNewswire/ -- Integrated Pharmaceuticals, Inc. (INTP.PK), of Boston, Massachusetts, announced today that its $3 million 2004 Private Placement was oversubscribed, resulting in subscriptions for more than $4.2 million of common stock at $1.00 per share. This offering, which began in early January 2004, was made available only to accredited investors. Investors received a warrant, exercisable at $2.50 per share, to purchase one additional share of common stock for every two shares purchased in the private placement. These warrants have a term through December 31, 2006. One investor also received the right, good for 90 days, to purchase up to an additional $1.2 million of common stock in the Private Placement.

Dr. Chinmay Chatterjee, President and Chief Executive Officer of Integrated Pharmaceuticals, Inc. (IntePharm), said, "This financing expedites IntePharm's current biopharmaceutical products manufacturing program, including completion of a cGMP manufacturing facility in Fitchburg, MA that is currently being renovated to be in compliance with FDA guidelines."

The Company will use the offering proceeds to complete the build-out of its Fitchburg production facility, where the Company plans to begin production from its portfolio of nine products this summer; to further its R&D efforts; and for general corporate purposes. The anticipated manufacturing program includes fulfilling IntePharm's delivery obligation described in a non-binding letter of intent with a distributor that calls for the sale of over $27 million of a single product over a five year period. The company anticipates signing a formal, purchase and sale agreement with this distributor as soon as the production and delivery begins.

About the company

IntePharm is an emerging pharmaceuticals and biotechnology company dedicated to the discovery, development, manufacture and marketing of biopharmaceuticals, specialty chemicals and ingredients for significant unmet medical and commercial needs. IntePharm uses a multidisciplinary approach involving innovative bioprocess engineering, computer simulation and metabolic engineering for the production of chemicals and of recombinant, DNA-derived,and small molecule drugs for therapeutic and chemical uses. IntePharm's clinically active compounds have applications for the treatment of chronic diseases. The company has several market-ready products in the pipeline.

For further information please contact Dr. Chinmay Chatterjee, Integrated Pharmaceuticals, Inc. at (978) 696-0020 or visit company's website at http://www.intepharm.com.

Forward-Looking Statements

Certain statements contained in this press release that are not historical facts constitute "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, in general, predict, indicate or imply future results, performance or achievements and generally use words so indicative. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company and its business to be materially different from that expressed or implied by such forward-looking statements. Included in those factors are the following: general economic and business conditions; sales and revenues mix; pricing levels; changes in sales and revenues to, or the identity of significant customers; changes in technology; industry capacity and production rates; ability of outside third parties to comply with their commitments; competition; capacity constraints; availability of raw materials and adequate labor; availability of appropriate professional expertise; and availability of liquidity sufficient to meet the Company's needs. Forward-looking statements by their very nature are uncertain. There can be no guarantee that any forward-looking statement will be fulfilled. The Company assumes no obligation to update forward-looking statements to reflect actual results or changes in or additions to the factors affecting such forward-looking statements.

SOURCE Integrated Pharmaceuticals, Inc.
http://www.intepharm.com

Copyright © 1996-2004 PR Newswire Association LLC. All Rights Reserved. A United Business Media company.