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NPS Pharmaceuticals Announces Pricing of Public Offering of Common Stock

^{Published on 2010-09-16 05:40:59 - Market Wire}
 

BEDMINSTER, N.J.--([ BUSINESS WIRE ])--NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) today announced the pricing of an underwritten public offering of 6,880,000 shares of its common stock at a price to the public of $6.00 per share, for an aggregate public offering price of $41.3 million. The net proceeds from the sale of the shares, after underwriting discounts and commissions and other offering expenses, are expected to be approximately $38.6 million. The offering is expected to close on or about September 21, 2010, subject to customary closing conditions. Jefferies & Company, Inc. is the sole book-running manager and Canaccord Genuity Inc. is acting as co-lead manager for the offering. NPS has granted the underwriters a 30-day option to purchase up to an aggregate of 1,032,000 additional shares of common stock to cover over-allotments, if any. NPS anticipates using the net proceeds from the offering to fund its research and development efforts, and for general corporate purposes, including working capital.

The securities described above are being offered by NPS pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (aSECa) on June 5, 2009. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SECa™s website located at [ www.sec.gov ]. Copies of the final prospectus supplement relating to these securities, when available, may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, 520 Madison Avenue, 12^th Floor, New York, NY, 10022, at 877-547-6340, and at [ Prospectus_Department@Jefferies.com ].

This press 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About NPS Pharmaceuticals

NPS Pharmaceuticals is developing new treatment options for patients with rare gastrointestinal and endocrine disorders. The company is currently advancing two Phase 3 registration programs. Teduglutide, a proprietary analog of GLP-2, is being evaluated as GATTEX(R) in a Phase 3 registration study known as STEPS for intestinal failure associated with short bowel syndrome and is in preclinical development for pediatric indications and chemotherapy-induced gastrointestinal mucositis. NPSP558 (parathyroid hormone 1-84 [rDNA origin] injection) is being evaluated in a Phase 3 registration study known as REPLACE as a hormone replacement therapy for hypoparathyroidism. NPS complements its proprietary programs with a royalty-based portfolio of products and product candidates that includes agreements with Amgen, Kyowa Hakko Kirin, Nycomed, and Ortho-McNeil Pharmaceutical.

This press release contains forward-looking statements which reflect the Company's current expectations regarding future events, including statements concerning the Company's expectations related tothe completion, timing and size of its offering of common stock. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company's control, including risks and uncertainties relating to the pricing and completion of the contemplated offering of common stock. Actual events could differ materially from those projected herein and are subject to a number of risks and uncertainties. For additional disclosure regarding these and other risks faced by NPS Pharmaceuticals, Inc., see the disclosure contained in its public filings with the U.S. Securities and Exchange Commission (SEC), available on the SEC's website at [ www.sec.gov ]. Investors are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, the Company undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events, or circumstances or otherwise.