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Friday May 21, 9:19 am Eastern Time
Company Press Release
Immune Network Research Ltd. Announces New
Management, Financing and Other Corporate
Developments
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 21, 1999-- Immune
Network Research Ltd. (the ''Company'') is pleased to announce today changes to its management team and board of
directors, including the appointment today of Allen I. Bain, Ph.D. as President and CEO.
In addition, the Company announces a private placement financing and granting of incentive stock options.
Dr. Bain joins the Company after a year of consultancy work with B.C. Research Inc. developing its biotechnology business
strategies. For several years prior, Dr. Bain worked with Nortran Pharmaceuticals Inc., serving as vice president and later as
president. Dr. Bain is a director on the boards of Nortran, Magic Bullets Enterprises Ltd., an investment company, and Pneumo
Labs Inc., a contract pharmacology company. Dr. Bain is also an honorary lecturer at the Department of Pharmacology and
Therapeutics at the University of British Columbia, where he was awarded his doctorate in pharmacology in 1994.
The Company is also pleased to announce the appointment of Ron Kertesz, M.Sc., as Commercial Director. Mr. Kertesz, a
UBC graduate in cardiovascular pharmacology, has seven years scientific and business experience in the pharmaceutical
industry. Currently serving B.C. Research as a business development and licensing consultant, Mr. Kertesz has negotiated a
wide variety of biotechnology licensing agreements. Previously, Mr. Kertesz served Nortran Pharmaceuticals Inc. in financing,
investor relations and business development roles.
Dr. Don Rix, director, stated, ''We are pleased to have this new team on board, and we are particularly excited about the new
vision and business strategy they bring to our company. We look forward to progress with our 1F7 project as well as
opportunities for new projects.''
Subject to regulatory approval, the Company has approved the granting of 650,000 incentive stock options to Dr. Bain
exercisable at $0.15 per share for 5 years.
In conjunction with the new appointments and the development of a new business strategy, the board of directors has accepted
the resignations of two directors, Mr. Dal Brynelsen and Mr. Richard L. Richards, and thanks them for their past contributions
and continuing support.
The Company also announces a private placement of five million units at $0.15 per unit, for gross proceeds of $750,000. Each
unit consists of one common share and one non-transferable share purchase warrant. Each warrant will entitle its holder to
purchase one common share of the Company at $0.15 for the first year and at $0.18 for the second year. The net proceeds
received by the Company will be used to finance research and development activities and for general corporate purposes. The
private placement is subject to regulatory approval. Robert J. Gayton, Chairman
The Vancouver Stock Exchange has Not Reviewed and Does Not Accept Responsibility for the Adequacy or Accuracy of the
Content of This News Release.
Contact:
Immune Network Research Ltd.
Robert J. Gayton, 604/689-3923
604/684-5854 (FAX)
Website: www.immunenetwork.com |
