Full Press Release Details
MENLO PARK, CA -- (MARKET WIRE) -- March 30, 2007 -- Corcept Therapeutics Incorporated (NASDAQ: CORT) today announced the completion of a private placement of 9,000,000
shares of its common stock at a price of $1.00 per share, pursuant to a
definitive agreement entered into today with accredited investors. The
investors are led by Paperboy Ventures LLC, who is currently a significant
shareholder of Corcept. Sutter Hill Ventures, Alta Partners, LLP, venture
capital firms that are currently significant shareholders in Corcept, and
members of the Corcept Board of Directors, Joseph C. Cook, Jr., James A.
Harper, David L. Mahoney, Alan F Schatzberg, M.D. and James N. Wilson, are
also investors. In addition, investors in this financing round included
Black Point Group, LLP, Vaughn Bryson and Daniel Bradbury.
Corcept will use the proceeds of the financing to complete the
investigation of their previous clinical trials, to prepare for the next
Phase 3 clinical trial evaluating CORLUX for the treatment of the
psychotic features of psychotic major depression (PMD), to continue
development of their new chemical entities and for working capital.
The securities sold and issued in connection with the private placement
have not been registered under the Securities Act of 1933, as amended, or
any state securities laws and may not be offered or sold in the United
States absent registration with the Securities and Exchange Commission or
an applicable exemption from the registration requirements. As part of the
transaction, Corcept has agreed to file a registration statement on Form
S-1 with the Securities and Exchange Commission for purposes of registering
the resale of all of the common stock issued in the private placement
within two business days following the filing of its Form 10-K for its
fiscal year ending December 31, 2006.
This news release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such
state. Any offering of Corcept Therapeutics Incorporated common stock under
the resale registration statement will be made only by means of a
About Corcept Therapeutics Incorporated
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in
the development of drugs for the treatment of severe psychiatric and
neurological diseases. Corcept's lead product, CORLUX, is currently in
Phase III clinical trials for the treatment of the psychotic features of
PMD. The drug is administered orally to PMD patients once per day for
seven days. CORLUX, a potent GR-II antagonist, appears to mitigate the
effects of the elevated and abnormal release patterns of cortisol seen in
PMD. The Company is also conducting a proof-of-concept study evaluating
the ability of CORLUX to mitigate weight gain associated with the use of
olanzapine. For additional information about the company, please visit
Statements made in this news release, other than statements of historical
fact, are forward-looking statements. Such statements include, without
limitation, the projected date for the filing of a registration statement
for resale of the shares that have been sold. Forward-looking statements
are subject to a number of known and unknown risks and uncertainties that
might cause actual results to differ materially from those expressed or
implied by such statements. These and other risk factors are set forth in
the Company's SEC filings, all of which are available from our website
(www.corcept.com) or from the SEC's website (www.sec.gov). We disclaim any
intention or duty to update any forward-looking statement made in this news
Contact Information: CONTACT:
Joseph K. Belanoff, M.D.
Chief Executive Officer
Corcept Therapeutics