PRESS RELEASE ISSUED FEBRUARY 4, 2000
Published on February 9, 2000
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact: Daniel M. Shusterman
Vice President Operations
Chief Financial Officer
Telephone: (214) 353-2922 extension 401
February 4, 2000 Dallas, Texas
CYTOCLONAL PHARMACEUTICS INC. ANNOUNCES
CLASS C WARRANT REDEMPTION CALL
CYTOCLONAL PHARMACEUTICS INC. (NASDAQ:CYPHW), announced today that the
company intends to call for redemption all of its outstanding Class C Warrants.
The date of the Class C Warrant call will be February 7, 2000. Letters of
instruction will be mailed to all holders of Class C Warrants on that day. Each
Class C Warrant is exercisable at an aggregate exercise price of $6.50 per
warrant prior to 5:00 p.m. (Eastern Standard Time) on March 8, 2000. If a Class
C Warrant is exercised, the holder will receive one share of common stock
(NASDAQ:CYPH) and one Class D Warrant (NASDAQ:CYPHZ) of Cytoclonal Pharmaceutics
Inc. After 5:00 p.m. on March 8, 2000, the Class C warrants will no longer be
exercisable, and the holders will have only the right to receive the redemption
price of $.05 per warrant.
Pursuant to the terms of the Warrant Agreement covering the Class C
Warrants, the Company has agreed to pay Janssen-Meyers Associates L.P.
("Janssen-Meyers") 5% of the proceeds received upon exercise of any Class C
Warrant solicited by Janssen-Meyers, as designated in writing on the applicable
Warrant Certificate Subscription Form. Upon request, Janssen-Meyers will assist
each registered holder of Class C Warrants in connection with the exercise
thereof.
Questions and requests for assistance in connection with the warrant
redemption should be directed to the Company at the address and telephone number
set forth above.
Cytoclonal Pharmaceutics Inc. is a biopharmaceutical company focusing
on the development of therapeutic and diagnostic products for the treatment and
prevention of cancer and infectious diseases. Based in Dallas, Texas, the
Company's lead programs involve paclitaxel (active ingredient in Taxol (R))
production using fermentation and genetic engineering in agreements with
Bristol-Myers Squibb, the treatment of Polycystic Kidney Disease using
paclitaxel and Quantum Core Technology(TM), the company's proprietary rational
drug design targeting the human genome including cancer. Other programs include
the discovery of human genes through Retorselection(TM) with a focus on lung
cancer, breast cancer treatment by peptide inhibition of estrogen receptors,
antisense
therapeutics and the "immortality enzyme" telomerase. Additional information on
Cytoclonal can be found on the company's website at www.cytoclonal.com.
THIS NEWS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE FORWARD-LOOKING
STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. THIS INFORMATION MAY INVOLVE RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM SUCH
FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH
DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, FACTORS DETAILED BY CYTOCLONAL
PHARMACEUTICS INC. IN ITS PUBLIC FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.