Vical Receives Additional Commitment in Registered
Direct OfferingSAN 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