$tlon$

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A/S 350M
O/S 21M
FLOT 16M

Accelerated approval review path confirmed by the FDA
Prescription Drug User Fee Act (PDUFA) date set for May 13, 2012

Talon Therapeutics' New Drug Application for Marqibo(R) Accepted for Filing by the United States Food and Drug Administration - Yahoo! Finance


http://www.talontx.com/pipeline.phpOK!

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Talon Therapeutics Announces First Patient Enrolled in the Phase 3 OPTIMAL>60 Study of Marqibo(R) in Adult Patients With Newly Diagnosed, Aggressive Non-Hodgkin's Lymphoma - Yahoo! Finance

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announced that it has entered into an Investment Agreement with Warburg Pincus and Deerfield Management, its largest shareholders, for the sale of $11 million in preferred stock. Talon intends to use the net proceeds from the financing to advance its clinical development and regulatory activities for Marqibo®, and for general corporate purposes. The Investment Agreement provides an option for the investors to purchase up to an additional $60M in preferred stock within one year following an accelerated approval of Marqibo.

"We are pleased Warburg Pincus and Deerfield continue to support the Company's initiatives. This $11 million will primarily fund our efforts to obtain FDA approval for Marqibo, which has a PDUFA date of May 13, 2012. The potential for subsequent cash infusions from this financing will support the launch of Marqibo in the U.S. and Marqibo's two ongoing Phase 3 programs," said Steven R. Deitcher, M.D., President and Chief Executive Officer and Board Member of Talon Therapeutics.

Terms of the Financing

On January 9, 2012, the Company entered into an Investment Agreement for the sale of up to $71 million of Preferred Stock, and closed on the sale of 110,000 shares of Series A-2 Preferred Stock ($11 million), at a per share sale price of $100. The Series A-2 Preferred Stock is convertible into shares of the Company's common stock at an initial conversion price of $0.30, subject to customary adjustments. From the date of the Investment Agreement until the first anniversary of the Company's receipt of marketing approval from the FDA for Marqibo, the investors have the right to invest up to an additional $60 million in Series A-3 Preferred Stock, which is initially convertible into common stock at a conversion price of $0.35, subject to customary adjustments. Upon issuance, the Series A-2 and A-3 Preferred Stock will accrete at 9% per annum, among other provisions.

In June 2010, the Company had previously entered into an investment agreement with Warburg Pincus and Deerfield Management that provided for a financing of up to $100 million in preferred stock. Of such total, $40 million was invested at a conversion price of $0.736. Effective with the completion of this new financing, the unused $60 million in available options from the June 2010 financing have been terminated.

Roth Capital Partners, LLC served as financial advisor to a special committee of Talon's board of directors and provided a fairness opinion in connection with the transaction.

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Accelerated approval review path confirmed by the FDA
Prescription Drug User Fee Act (PDUFA) date set for May 13, 2012

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