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Initial Proceeds Exceed $1 million - PROCYON BIOPHARMA INC. ANNOUNCES COMPLETION OF PHASE I
OF PRIVATE PLACEMENT
LONDON, Ont., Oct.13 /CNW/ - Procyon BioPharma Inc.(ASE: PBP) announced
today the completion of the first of two phases of a private placement with
proceeds of $ 1,002,000. This phase of the private placement was subscribed by
directors, shareholders and previous investors to whom the Company will issue
4,048,000 common shares at $0.25 per share. As announced at the beginning of
September, the issue price was determined by Procyon's Board of Directors
after consideration of Procyon's 10 day average trading price prior to
September 1, 1999, and application of a 15% discount. The second phase of this
placement for an additional $2 million will continue to its closing date of
November 1, 1999, or earlier.
''We are extremely pleased to see that the people most familiar with our
Company continue to demonstrate their confidence in our technology and in our
market potential,'' said Hans Mader, Procyon's newly appointed President and
CEO.
Proceeds from the placement will be used for general working capital and
for research and development costs for Procyon's platform technologies. They
will also be applied to the development of Procyon's near-term products,
FIBROSTAT(TM), a topical cream for the management of newly formed scars
following surgery or burns and COLOPATH(TM), a rapid, non-invasive screening
test for colorectal cancer.
Procyon BioPharma Inc. is a publicly listed, biopharmaceutical company
focused principally on advancing two powerful platform technologies that have
the potential to treat, diagnose and prevent cancer. Procyon's Antinuclear
Autoantibodies (ANAs) bind specifically to multiple cancer cell types strongly
enhancing the immune response to cancer cells. Prostate Secretory Protein
(PSP-94) is a naturally occurring human protein that has the potential to
treat prostate cancer by inhibiting abnormal prostate cell growth. Procyon's
shares trade on the Alberta Stock Exchange under the ticker symbol, PBP.
The Alberta Stock Exchange has neither approved or disapproved the
information contained in this release.
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For further information: Hans Mader, President and CEO, (519) 432-8486,
Cell Tel: (514) 212-6996 www.procyonbiopharma.com; Nathalie Bourque, (514)
843-7171
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