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Exhibit 99
[ALTEON LOGO]
Alteon Inc.
000 Xxxxxxxx Xxxxx - Xxxxxx, XX 00000
(000) 000-0000 - Fax: (000) 000-0000
FOR IMMEDIATE RELEASE Contact: Xxxxx X. Xxxxxxxxxxx
Director, Corporate Communications
& Investor Relations
000-000-0000
xxxxxxxxxxxx@xxxxxxxxxxxx.xxx
XXXXXX ENTERS INTO ADDITIONAL AGREEMENT FOR SALE OF COMMON STOCK
-- Sells an Additional 300,000 Shares, Netting a Total of $9.4 Million --
Ramsey, New Jersey, July 25, 2001 - Alteon Inc. (AMEX: ALT) has agreed to sell
an additional 300,000 shares of common stock as part of the offering
underwritten by U.S. Bancorp Xxxxx Xxxxxxx announced earlier today. The
agreement will bring the total shares sold to 4.5 million and the net proceeds
to Alteon after expenses and fees of $9.4 million.
About Alteon
Xxxxxx is a leader in the discovery and development of novel pharmaceuticals for
the treatment of pathologies of aging and diabetes, based on reversing or
slowing a fundamental pathological process caused by protein-glucose complexes
called Advanced Glycosylation End-products (A.G.E.s). The formation and
crosslinking of A.G.E.s is an inevitable part of the aging process that leads to
a loss of flexibility and function in body tissues, organs and vessels. The
company is initially developing therapies for cardiovascular disease in older or
diabetic individuals.
Alteon has created a library of novel classes of compounds targeting the A.G.E.
pathway. These include A.G.E. Crosslink Breakers, A.G.E. Formation Inhibitors
and Glucose Lowering Agents. The Company's lead A.G.E. Crosslink Breaker,
ALT-711, is being developed for the treatment of cardiovascular disorders.
ALT-711 demonstrated positive results in a recent Phase IIa clinical trial and
currently is being evaluated in the Phase IIb SAPPHIRE clinical trial focused on
isolated systolic hypertension. The compound is also under investigation for
end-stage renal disease patients receiving peritoneal dialysis, a patient
population that has significant cardiovascular disease. ALT-711 is further
serving as a clinical prototype in other conditions where A.G.E. crosslinking is
a cause of disease, such as uropathy and diabetic retinopathy. Pimagedine,
Xxxxxx's lead A.G.E. Formation Inhibitor, is being evaluated by a veterinary
partner for diabetic neuropathy in cats. For more information on Alteon, visit
the company's web site at xxx.xxxxxxxxxxxx.xxx.
# # #
Any statements contained in this press release that relate to future plans,
events or performance are forward-looking statements that involve risks and
uncertainties including, but not limited to, those relating to technology and
product development (including the possibility that early clinical trial results
may not be predictive of results that will be obtained in large-scale testing or
that any clinical trials will not demonstrate sufficient safety and efficacy to
obtain requisite approvals or will not result in marketable products),
regulatory approval processes, intellectual property rights and litigation,
competitive products, ability to obtain financing, and other risks identified in
Alteon's filings with the Securities and Exchange Commission. The information
contained in this press release is accurate as of the date indicated. Actual
results, events or performance may differ materially. Alteon undertakes no
obligation to publicly release the result of any revision to these
forward-looking statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
