Peplin plans $24 million offering; ViaLogy concludes £1.8 million placement of shares

By Devika Patel

Knoxville, Tenn., Aug. 19 - Peplin, Inc. negotiated a $24 million private placement of units in a deal designed to raise funds for phase 3 clinical development of PEP005, a potential new treatment for actinic keratosis.

Separately, ViaLogy plc said it took in £1.8 million in a private placement of stock. The Scottish technology company's shares (London: VIY) dropped 5.79%, or 0.31p, to close at 5.03p on Tuesday after the announcement.

Although its shares were strained by the transaction, the company expressed satisfaction with the fund raising, saying it was especially pleased to have managed so well under adverse market conditions.

Peplin to sell $24 million

Peplin has arranged to sell about $24 million of its units in a private placement.

The company will sell about 1.3 million units at $18.14 apiece. Each unit consists of three common shares and a four-year warrant. The warrant is exercisable at $7.86.

The placement will be led by investor GBS Venture Partners.

Proceeds will primarily fund phase 3 clinical development of PEP005 (ingenol mebutate) for actinic (solar) keratosis.

"Peplin is pleased to have secured development capital to progress its lead program," the company's chief executive officer, Tom Wiggins, said in a press release. "We are now in a position to continue to progress phase 3 trials of our lead product, PEP005 (ingenol mebutate) for AK, as a new and attractive treatment for actinic (solar) keratosis, a common pre-cancerous skin lesion.

"We are very pleased with the recent progress in PEP005's development. The program has achieved important milestones and we are excited to continue this momentum as we enter phase 3 trails."

Peplin is an Emeryville, Calif.-based development-stage specialty pharmaceutical company. Its shares (Australia: PLI) did not change, closing at A$0.42 on Tuesday.

ViaLogy wraps £1.8 million

ViaLogy settled a £1.8 million transaction in which it issued 45 million ordinary shares at 4p per share.

The deal's proceeds will be used to provide additional working capital for the Gifford, Scotland-based technology company.

"In the difficult financial climate that exists nationally and globally we are pleased that the share placing was completed satisfactorily," ViaLogy chairman Terry Bond said in a news release. "The additional funds will enable us to continue to exploit opportunities to commercialize ViaLogy's technology.

"This is an exciting time for ViaLogy. Successful results from the drilling of the first 'Vialogy well' in Texas next month should have a significant impact on the oil exploration industry."

The company said September will also see the start of proof-of-concept flights to image underground metallic pipelines using airborne ground-penetrating sensors incorporating our QSUB product. This will enable pipeline companies to more cost-effectively monitor pipeline location and condition.

"Our focused sales efforts for SPM, our sensor integration product for security and surveillance systems, should bring significant near-term market entry as the result of our partnerships with Cisco, Axia Supernet, SAIC and others," Bond said.

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