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Facility Set At $100m

Triangle Pharmaceuticals Inc. (Nasdaq: VIRS) of Durham recently entered into an equity facility agreement of up to $100 million with Ramius Securities LLC, a subsidiary of Ramius Capital Group of New York.

The facility will be available for thirty-six months and will allow Triangle the right to periodically issue and sell shares of its common stock during sequential 15-day selling periods selected by the company. Triangle is engaged in the development of new antiviral drug candidates.

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"This facility gives us the ability to raise cash incrementally over time to take advantage of favorable market conditions when they exist," said Robert Amundsen, Triangle's CFO. "We intend to strategically use the facility to add to our treasury by engaging in a gradual and orderly sale of shares. In this way, we hope to minimize dilution while continuing to fund our multi-drug development strategy."

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Facility Set At $100m

BT Catalyst, Jan, 2001

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