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Biotech / Medical : Micrologix biotech
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To: Graham Dellaire who wrote (15)3/12/1997 11:18:00 PM
From: Sean Janzen   of 792
 
The company just received a little more cash.

Attention Business Editors:

MICROLOGIX RAISES $7.5 MILLION FROM EXERCISE OF WARRANTS

VANCOUVER, March 12 /CNW/ - Micrologix Biotech Inc. announced today it
has raised $7.5 million through the exercise of common share purchase warrants
that were issued as part of a private placement in September 1995. Since
January 31, 1997, a total of 2,719,738 common shares were issued pursuant to
the exercise of the warrants. This funding brings the Company's cash position
to approximately $24 million and the number of common shares issued and
outstanding to 23,038,599.
Micrologix Biotech Inc. is a Canadian biopharmaceutical company dedicated
to the discovery, development and commercialization of novel anti-infective
compounds. The Company's drug development program is based on proprietary
technologies and extensive expertise in the molecular basis of microbial
infections.
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