Contact Information: CONTACT: Fred Kurland Chief Financial Officer Corcept Therapeutics 650-327-3270 Email Contact www.corcept.com
Corcept Therapeutics Completes $3 Million Private Equity Financing
| Source: Corcept Therapeutics Incorporated
MENLO PARK, CA -- (MARKET WIRE) -- December 15, 2006 -- Corcept Therapeutics Incorporated (NASDAQ : CORT ) today confirmed that its previously announced private placement of
Corcept common stock had been completed. Corcept sold 3,000,000 shares of
its common stock at $1.00 per share, resulting in gross proceeds of $3
million.
The securities sold and issued in connection with the private placement
have not been registered under the Securities Act of 1933, as amended, or
any state securities laws and may not be offered or sold in the United
States absent registration with the Securities and Exchange Commission or
an applicable exemption from the registration requirements. As part of the
transaction, Corcept has agreed to file a registration statement with the
Securities and Exchange Commission for purposes of registering the resale
of all of the common stock issued in the private placement within two
business days following the filing of its Form 10-K for its fiscal year
ending December 31, 2006.
This news 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
state in which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such
state. Any offering of Corcept Therapeutics Incorporated common stock under
the resale registration statement will be made only by means of a
prospectus.
About Corcept Therapeutics Incorporated
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in
the development of drugs for the treatment of severe psychiatric and
neurological diseases. Corcept's lead product, CORLUX, is currently in
Phase III clinical trials for the treatment of the psychotic features of
PMD. The drug is administered orally to PMD patients once per day for
seven days. CORLUX, a potent GR-II antagonist, appears to mitigate the
effects of the elevated and abnormal release patterns of cortisol seen in
PMD. The Company is also conducting a proof-of-concept study evaluating
the ability of CORLUX to mitigate weight gain associated with the use of
olanzapine. For additional information about the company, please visit
www.corcept.com.
Statements made in this news release, other than statements of historical
fact, are forward-looking statements. Such statements include, without
limitation, the projected date for the filing of a registration statement
for resale of the shares that have been sold. Forward-looking statements
are subject to a number of known and unknown risks and uncertainties that
might cause actual results to differ materially from those expressed or
implied by such statements. These and other risk factors are set forth in
the Company's SEC filings, all of which are available from our website
(www.corcept.com) or from the SEC's website (www.sec.gov). We disclaim any
intention or duty to update any forward-looking statement made in this news
release.