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Press Release - Vical Incorporated (VICL-NASDAQ)

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“We can apply our technology for vaccines; we can apply it for proteins, animal health applications, cancer. We are focusing on vaccines because vaccines are now probably the single most important medical advance that is going to be required in the next fifty years to deal with a variety of diseases as well as a variety of cancers. We are focused on one of the most lucrative applications of this technology.” - Vijay B. Samant (VICL) (Interview published February 15, 2007)

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Vical Receives Additional Commitment in Registered Direct Offering

SAN DIEGO, May 26, 2009 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today announced that it has received a commitment from an additional institutional investor, Special Situations Funds, to purchase approximately $4.6 million of securities on the same terms specified in the registered direct offering announced on May 22. Under the terms of a Securities Purchase Agreement, Vical will sell to the additional investor an aggregate of 2,000,000 shares of its common stock and options to purchase up to 1,000,000 additional shares of its common stock. Together with the prior commitments from lead investor Federated Kaufmann Fund and a second institutional investor, the commitment from the additional investor brings the total offering to approximately $20.0 million of securities. Federated Kaufmann Fund and Special Situations Funds have been among Vical's largest stockholders for the past several years. Vical expects to receive net proceeds of approximately $18.9 million from the total offering after deducting placement agent fees and other offering expenses. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used in the further development of Vical's ongoing programs, as well as for other general corporate purposes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., (Nasdaq:RODM), acted as the placement agent for the transaction.

A shelf registration statement relating to the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) has been filed with the Securities and Exchange Commission (the "SEC") and has been declared effective. A prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from the Company by contacting Vical Incorporated, 10390 Pacific Center Court, San Diego, California 92121. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Vical

Vical researches and develops biopharmaceutical products based on its patented DNA delivery technologies for the prevention and treatment of serious or life-threatening diseases. Potential applications of the company's DNA delivery technology include DNA vaccines for infectious diseases or cancer, in which the expressed protein is an immunogen; cancer immunotherapeutics, in which the expressed protein is an immune system stimulant; and cardiovascular therapies, in which the expressed protein is an angiogenic growth factor. The company is developing certain infectious disease vaccines and cancer therapeutics internally. In addition, the company collaborates with major pharmaceutical companies and biotechnology companies that give it access to complementary technologies or greater resources. These strategic partnerships provide the company with mutually beneficial opportunities to expand its product pipeline and address significant unmet medical needs. Additional information on Vical is available at www.vical.com.

The Vical Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5768

This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected, including: whether the investors will fulfill their obligations to purchase the securities, whether Vical will be able to satisfy its conditions to close the offering, whether Vical will be able to continue to raise additional capital as needed to fund its operations; whether any product candidates will be shown to be safe and efficacious in clinical trials; the timing of clinical trials; whether Vical or its collaborative partners will seek or gain approval to market any product candidates; the dependence of the company on its collaborative partners; and additional risks set forth in the company's filings with the SEC. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

CONTACT:  Vical Incorporated
          Alan R. Engbring
          (858) 646-1127
          www.vical.com

 

 

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Vical Incorporated
10390 Pacific Center Court , San Diego, CA 92121-4340
Service provided by Shareholder.com

 


			

			
 

			
 

			
 

			
 

			
 

 

			
 
 
 

 

			
 
 
 
 




    

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