Another great day for Procyon.
106,000 shares
Bid-.76
ask-.77
High-.80 and this news:
MARKET NEWS
Date
11/22/99
Company
PROCYON BIOPHARMA INC.
Title
$3.0 Million in Phase I and II ProceedsCompletion of Phase II of Private
Placement
PROCYON BIOPHARMA INC ("PBP-Y")
- $3.0 Million in Phase I and II Proceeds
- Completion of Phase II of Private Placement
Procyon BioPharma Inc. ("Procyon") announced the completion of the
second phase of a private placement with proceeds of $2,000,000 from key
Quebec-based venture capital firms, T2C2 and Innovatech du Grand Montreal,
as well as from European and other investors. The proceeds of this phase,
when added to the $1,000,000 of the first phase completed in mid-October,
represent a total private placement of $3,000,000. The first phase of the
private placement was subscribed by directors, employees, shareholders and
new investors.
"This additional financing has come from those who know our industry
well and who appreciate the potential of Procyon's technology," said Hans
J. Mader, Procyon's newly appointed President and CEO. "I perceive the
support of T2C2 and Innovatech du Grand Montreal, as a vote of confidence
in Procyon by key members of Quebec's financial community. The completion
of this financing represents our first milestone since I joined the
Company," he added.
The Company will issue a total of 12,000,000 common shares at $0.25 per
share to investors in this private placement. 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.
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 diagnose and treat cancer. Procyon's Antinuclear
Autoantibodies (ANAs) bind specifically to multiple cancer cell types
strongly enhancing the immune response to cancer cells. Prostate Secretory
Protein (PSP94) 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.
TEL: (514) 212-6996 Procyon BioPharma Inc.
Hans J. Mader, President and CEO
INET : www.procyonbiopharma.com
TEL: (514) 843-7171 Nathalie Bourque |
