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Biotech / Medical : IGT ((VSE:IGT) Blockbuster Anti-Cancer Test Results !!!
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To: Stephen O who wrote (87)6/6/2000 12:25:00 AM
From: Spiney   of 94
 
IGT's underwriter forms syndicate

Now we should finally get some exposure in the market!

IGT Pharma Inc IGT
Shares issued 10,456,462 Jun 2 close $1.37
Mon 5 Jun 2000 News Release
Mr. Bruce Schmidt reports
Dominick and Dominick Securities Inc. of Toronto, lead underwriter of IGT's
current $6-million financing, has formed a syndicate with Pacific
International Securities Inc. and Salman Partners Inc., both of Vancouver.
Each firm employes a biotech analyst with extensive knowledge of the sector
thus enabling them to provide research reports and the maintenance of
after-market interest.
The use of proceeds of the financing will expand and accelerate IGT's drug
development capabilities with enhanced in-house preclinical research
programs as well as continued broad-based testing of its lead CNS
compounds.
As reported earlier, IGT has received the results of animal trials which
confirm the ability to prevent the damage associated with stroke using
IGT's new drug, IGT440103. The purpose of the animal study was to replicate
the conditions of a human stroke by causing a temporary interruption of
blood supply to the brain. As would be the case with human medical
intervention, the blood supply to the animal is restored and the drug then
administered by intravenous injection. The braind can then be evaluated as
to the extent of brain cell damage. A critical design feature of IGT's new
drug platform is in the ability for the drug to cross the blood-brain
barrier, a protective mechanism in humans as well as animals, and a major
challenge to neurological drug development. IGT incorporates molecular
design in such a way that the blood-brain barrier ignores the presence of
the drug thus allowing it to pass into the brain.
IGT440103 is one of 34 drug candidates so far discovered by IGT that are
designed to work at a brain receptor system called the mGluRs. This new
treatment paradigm promises more specifically acting drugs without the side
effects associated with many of today's approved neurological compounds.
Further studies are under way and planned for the treatment of human
conditions such as anxiety, epilepsy, neuropathic pain and drug dependence.
Management also wishes to announce the setting of 75,000 incentive stock
options at a price of $1.25 per share exercisable over a period of five
years.
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