Here's the latest news from IZP.
Attention Business Editors:
INFLAZYME PHARMACEUTICALS LTD. SETS AUGUST 8, 1996 RECORD DATE
FOR RIGHTS OFFERING TO RAISE UP TO $5,106,139
VANCOUVER, July 29 /CNW/ - In conjunction with the Vancouver
Stock Exchange -- Inflazyme Pharmaceuticals Ltd. (the ``Company'')
announced today that its Board of Directors has set August 8, 1996 as
the Record Date for its previously announced offering of Rights to
subscribe for up to 2,687,442 Units (the ``Units'') in the capital of
the Company.
Shareholders of record at the close of Business on August 8,
1996 will receive one Right for each Common Share held, meaning that
the Company's Common Shares will trade ``Ex-Rights'' on the Vancouver
Stock Exchange on August 6, 1996. Six Rights will entitle the holder
to subscribe for one Unit in the capital of the Company at a price of
$1.20 per Unit. Each Unit will consist of one Common Share of the
Company and one-half of a Share Purchase Warrant. Each whole Purchase
Warrant will entitle the holder thereof to purchase an additional
Common Share of the Company at a price of $1.40 per Share for a one
year period ending September 8, 1997.
Complete details of the Rights Offering will be contained in a
Rights Offering Circular to be sent to Shareholders shortly after the
August 8, 1996 Record Date. The Rights, which will expire on
September 8, 1996, will be listed for trading on the Vancouver Stock
Exchange commencing August 6, 1996.
Thomson Kernaghan & Co. Ltd. will act as the Company's
soliciting dealer and financial advisor in connection with this
Rights Offering and will be paid a commission as set forth in the
Rights Offering Circular.
The Company, in addition, announced today that: (1) James R.
King has been appointed to its Board of Directors (2) James S.
Manuso has been appointed Director of New Business Development and
has, simultaneously, resigned from the Company's Board of Directors.
Inflazyme Pharmaceuticals is a mid-stage biopharmaceutical
company with a number of revolutionary drugs for the treatment of all
types of inflammatory diseases. Inflazyme's lead anti-inflammatory
drugs are Apanol for the treatment of asthma Tiesole, an anti-allergy
drug; and Bispan for the treatment of arthritis. The Company is also
developing a proprietary anti-cancer drug, and has signed an option
agreement with Abbott Laboratories for a license to distribute
worldwide Inflazyme's Tuberculosis Diagnostic Kit, based on
Inflazyme's uniquely sensitive, state-of-the-art TB Antigen.
For more information on the Internet, including complete share
price updates (fifteen minute delay), please go to:
stockprofiles.com
Exemption from registration pursuant to Rule 12g3-2(b). Reg.
No.82-2317. Included in Standard & Poor's corporation records. The
Vancouver Stock Exchange has neither approved nor disapproved of the
information remained herein.
For further information: James King, Manager of Investor Relations Phone (604)733-5181 Fax (604)733-5281 (800)
315-3660 |
