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MiddleBrook Pharmaceuticals Closes Private Placement
of Common Equity Raising $21 Million
GERMANTOWN, Md.
January 30, 2008
MiddleBrook Pharmaceuticals,
Inc. (Nasdaq: MBRK), a pharmaceutical company focused on developing
and commercializing novel anti-infective
products, today announced that it has closed its previously announced
private placement of common stock and warrants, resulting in the
receipt of $21 million in gross proceeds.
The Company intends to
use the proceeds from the financing to support the manufacture
of MOXATAG(TM), its once-daily amoxicillin product,
and for working capital and general corporate purposes.
The shares
sold in the private placement and the shares issuable upon the
exercise of the related warrants have not been registered
under the Securities Act of 1933, as amended, or state securities
laws, and may not be offered or sold in the United States without
being registered with the Securities and Exchange Commission ("SEC")
or through an applicable exemption from SEC registration requirements.
The shares and warrants were offered and sold only to institutional
and accredited investors. The Company has agreed to file a registration
statement with the SEC covering the resale of the common stock
issued in the private placement and issuable upon the exercise
of the warrants.
This news release is not an offer to sell or the
solicitation of
an offer to buy the shares of the Company.
About MiddleBrook Pharmaceuticals:
MiddleBrook
Pharmaceuticals, Inc. (Nasdaq: MBRK) is a pharmaceutical company
focused on the development and commercialization of anti-infective
drug products that fulfill substantial unmet medical needs in the
treatment of infectious disease. The Company is developing anti-infective
drugs based on its novel biological finding that bacteria exposed
to antibiotics in front- loaded staccato bursts, or "pulses," are
killed more efficiently and effectively than those under standard
treatment regimens. Based on this finding, MiddleBrook has developed
a proprietary, once-a-day pulsatile delivery technology called PULSYS(TM).
The Company currently markets the Keflex(R) brand of cephalexin
and has received regulatory approval for MOXATAG(TM) -- the first
and only once-daily amoxicillin product approved for marketing in
the U.S. For more on MiddleBrook, please visit www.middlebrookpharma.com.
This
announcement contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on MiddleBrook's current expectations
and assumptions. These statements are not guarantees of future
performance and are subject to a number of risks and uncertainties
that would
cause actual results to differ materially from those anticipated.
The words, "believe," "expect," "intend," "anticipate," and
variations of such words, and similar expressions identify forward-looking
statements, but their absence does not mean that the statement
is not forward- looking. Statements in this announcement that
are forward-looking
include, but are not limited to, statements about the Company's
future development plans, clinical trials, potential commercial
success, and any financial forecasts included in this announcement.
The
actual results realized by MiddleBrook could differ materially
from these forward-looking statements, depending in particular
upon the risks and uncertainties described in the Company's filings
with
the Securities and Exchange Commission. These include, without
limitation, risks and uncertainties relating to the Company's financial
results
and the ability of the Company to (1) raise additional capital
and continue as a going concern, (2) increase Keflex 750 sales,
(3)
retain marketing approval for its MOXATAG product, (4) successfully
reduce costs, (5) reach profitability, (6) prove that the preliminary
findings for its product candidates are valid, (7) receive required
regulatory approvals, (8) successfully conduct clinical trials
in a timely manner, (9) establish its competitive position for its
products, (10) develop and commercialize products that are superior
to existing or newly developed competitor products, (11) develop
products without any defects, (12) have sufficient capital resources
to fund its operations, (13) protect its intellectual property
rights
and patents, (14) implement its sales and marketing strategy,
(15) successfully attract and retain collaborative partners, (16)
successfully
commercialize and gain market acceptance for its Keflex products,
(17) successfully obtain sufficient manufactured quantities of
its drug products at acceptable rates, and (18) retain its senior
management
and other personnel. Existing and prospective investors are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of today's date. MiddleBrook undertakes no
obligation to update or revise the information in this announcement,
whether
as a result of new information, future events or circumstances
or otherwise.
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