(Source: Business Wire)
Hythiam, Inc. (NASDAQ:HYTM) announced today that on Tuesday,
September 22, 2009 it closed the previously announced registered direct
placement of 9,333,334 shares of its common stock to institutional
investors at a price per share of $.75 for gross proceeds of $7 million.
Investors also received warrants to purchase 2,333,334 shares of the
Company's common stock. The warrants have an exercise price of $.85 per
share and are exercisable at any time after the closing of the
transaction and before the 3rd anniversary of such initial issuance date.
The shares and warrants were offered by the Company pursuant to an
effective shelf registration statement filed with the Securities and
Exchange Commission dated and declared effective on September 11, 2009.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The shares of common stock and warrants may only be
offered by means of a prospectus. Copies of the final prospectus
supplement and accompanying base prospectus can be obtained from the
SEC's website at http://www.sec.gov.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw
Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement
agent for the transaction, and Brean Murray, Carret & Co served as
financial advisors in the placement.
About Hythiam®
Hythiam, Inc. provides through its Catasys subsidiary, specialized
behavioral health management services to health plans, employers and
unions through a network of licensed and company managed health care
providers. The Catasys substance dependence program was designed to
address substance dependence as a chronic disease. The program seeks to
lower costs and improve member health through the delivery of integrated
medical and psychosocial interventions in combination with long term
care coaching, including the proprietary PROMETA® Treatment
Program for alcoholism and stimulant dependence. The PROMETA Treatment
Program, which integrates behavioral, nutritional, and medical
components, is also available on a private-pay basis through licensed
treatment providers. Hythiam does not practice medicine or manufacture,
distribute, or sell any medications and has no relationship with any
manufacturers or distributors of medications used in the PROMETA
Treatment Program. For further information, please visit www.hythiam.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in
this press release are forward looking and made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are beyond
the company's control that may cause actual results to differ materially
from stated expectations. These risk factors include, among others,
limited operating history and lack of statistically significant formal
research studies, the risk that treatment protocols might not be
effective, difficulty in developing, exploiting and protecting
proprietary technologies, intense competition and substantial regulation
in the healthcare industry; and additional risks factors as discussed in
the reports filed by the company with the Securities and Exchange
Commission, which are available on its website at http://www.sec.gov.
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