Triangle Seeking $46.2m

BT Catalyst,  Feb, 2001  

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Triangle Pharmaceuticals Inc. (Nasdaq: VIRS) of Durham plans to close soon on an anticipated $46.2 million from a private placement of common stock.

Triangle entered into definitive purchase agreements with a limited number of qualified institutional buyers and large institutional accredited investors for the sale of 7.7 million shares of common stock at $6 per share.

Abbott Laboratories of Abbott Park, Ill., Triangle's largest stockholder and collaborative partner, agreed to purchase 1.3 million shares of the common stock at the closing.

Triangle intends to use the net proceeds from the sale of the financing for general corporate purposes, such as the execution of drug development programs, regulatory approval and the manufacture of products. Now that Triangle's anti-HIV drug Coviracil[R] as been through two Phase III clinical trials, the company is anticipating the submission of a new drug application filing to the U.S. Food and Drug Administration.

"We are very pleased with the confidence that these investors have shown in the company and with the progress we are making in the development of our compounds," said Dr. David Barry, the company's chairman and CEO.

Banc of America Securities LLC of New York served as the placement agent for the financing. The closing of the common stock sale will occur within three business days of approval by the Securities and Exchange Commission.

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