Exhibit 99.1
[Sonus Pharmaceuticals letterhead]
NEWS RELEASE
CONTACT: Pamela L. Dull, Sonus Pharmaceuticals, Inc.,
(425) 487-9500, Ext. 255
Sonus Pharmaceuticals to Raise $30.6 Million in
Registered Direct Offering
BOTHELL, WA—April 28, 2006—Sonus Pharmaceuticals, Inc. (Nasdaq: SNUS) today announced that it has
entered into purchase agreements for the sale of approximately $30.6 million of
its common stock in a registered direct offering. Under the terms of the financing,
the Company will sell approximately 6.1 million shares of Sonus common stock at
$5.00 per share to a select group of new and current institutional investors,
led by Federated Kaufmann Funds. The transaction is expected to close on May 2,
2006, subject to customary closing conditions. All of the shares of common
stock are being offered pursuant to an effective registration statement
previously filed with the Securities and Exchange Commission.
Needham & Company, LLC acted as the lead
placement agent and Punk, Ziegel & Company and ThinkEquity Partners LLC acted
as co-placement agents for the offering.
“We are pleased with the quality of the investors in
this financing and their support of our development initiatives,” said Michael
A. Martino, president and chief executive officer of Sonus Pharmaceuticals. “This
raise significantly strengthens our balance sheet and provides greater flexibility
to simultaneously fund our share of the remaining clinical development of
TOCOSOL® Paclitaxel and to expand our efforts to develop additional
products to broaden and deepen our oncology pipeline.”
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
these 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
may only be offered by means of a prospectus. Copies of the final prospectus
supplement and accompanying base prospectus can be obtained from Needham &
Company, 445 Park Avenue, New York, New York 10022; facsimile: (212) 705-0416.
About Sonus Pharmaceuticals, Inc.
Headquartered near Seattle, Sonus Pharmaceuticals is
focused on the development of oncology drugs that provide better therapeutic
alternatives for cancer patients, including improved efficacy, safety and
tolerability, and are more convenient to use. The Company’s lead product candidate
is TOCOSOL Paclitaxel, a ready-to-use injectable formulation of paclitaxel. TOCOSOL
Paclitaxel is currently in a Phase 3 pivotal trial for the potential treatment
of metastatic breast cancer. For additional information on Sonus, including
news releases, please visit www.sonuspharma.com.