HASBROUCK HEIGHTS, N.J., Nov. 29, 2010 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (Nasdaq:NYMX) is pleased to announce that the Company has secured commitment for $15 million in equity financing from institutional investors. The new funding will be used for general corporate purposes including the Company's current Phase 3 U.S. trials for NX-1207, Nymox's late stage drug in development for benign prostatic hyperplasia (BPH). The financing gives the Company the right to place common stock to the investors at a 3% discount to the market price of the Company's stock. There are no warrants, price resets, and no restrictions on other corporate financing. The timing and amount of each placement is in the sole discretion of the Company.
Nymox's CFO, Roy Wolvin, said: "Nymox continues to achieve minimal dilution for our shareholders, a very low burn rate by industry standards, and zero long term debt."
Nymox Pharmaceutical Corporation is a biotechnology company engaged in the research and development of therapeutics and diagnostics, with a particular emphasis on products targeted for the unmet needs of the aging population. The Company's new drug for benign prostatic hyperplasia (BPH) is in Phase 3 development. Nymox has a number of drugs in development for other indications. The Company offers NicAlert™ and TobacAlert™ tests for measuring tobacco product exposure, and AlzheimAlert™, a test to aid in the diagnosis of Alzheimer's disease.
More information about Nymox is available at , email: info@nymox.com, or 800-936-9669.
This press release contains certain "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in Nymox's filings with the United States Securities and Exchange Commission and other regulatory authorities.
CONTACT: Nymox Pharmaceutical Corporation Roy Wolvin 1-800-93NYMOX www.nymox.com