IGT ((VSE:IGT) Blockbuster Anti-Cancer Test Results !!! Message Board

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Biotech / Medical : IGT ((VSE:IGT) Blockbuster Anti-Cancer Test Results !!!

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To: Stephen O who wrote (64)	9/10/1999 10:14:00 AM
From: Spiney	Read Replies (1) of 94

IGT Pharma signs letter of intent with Biopharmaceutical fund; stock options proposed IGT Pharma Inc IGT Shares issued 8,819,820 1999-09-09 close $0.85 Thursday Sep 9 1999 Mr. Zahra Dhanji reports A letter of intent has been signed between IGT and the Biopharmaceutical Innovation Resource Fund (BIRC) that will lead to an investment by BIRC in IGT's wholly owned subsidiary, Precision Biochemicals Inc. Precision will become a completely separate operating entity with a new staff complement led by Dr. Martin Peet. IGT will continue to focus exclusively on drug development while, as the controlling equity stakeholder in Precision, benefiting from the sales income and profit stream created by the expanded chemical operations. Under the terms of this agreement BIRC will invest $500,000 in exchange for a 40-per-cent equity position in Precision. BIRC's investment will support the expansion of Precision as a contract manufacturing organization providing chemical design, development and production services to meet the growing needs of the biotechnology and biopharmaceutical industries. "This investment in Precision is an important step in fulfilling BIRC's mandate to invest in the establishment of critical service infrastructure in support of B.C.'s rapidly expanding biotechnology and biopharmaceutical sectors," states John Jeffries, managing director of BIRC. "Precision has positioned itself as a supplier of high quality, high purity, chemicals and chemical intermediates to some of the world's largest suppliers of chemicals and biochemicals. This expertise can now be applied to meet the complex outsourcing needs of local companies," continued Mr. Jeffries. The company also wishes to announce the setting of 250,000 stock options to directors, officers and consultants that can be exercised over the next five years at 76 cents per share. --------------------------------------------- I'm liking this company more and more! More money in the till and no major dillutions. Timing for 1.00 might be a bit off but it'll probably happen sooner than later. good luck spiney

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