Canadian Company Press Release
SYB 2000-01-12 (provided courtesy of Canadian Corporate News.)
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SYNSORB Biotech Inc. Bought Deal Increased To $21 Million
CALGARY, ALBERTA--
NOT FOR RELEASE INTO THE UNITED STATES
SYNSORB Biotech Inc. ("SYNSORB") (TSE: SYB; NASDAQ: SYBB)
announces, further to its notice this morning, that the terms of
the agreement with a syndicate of underwriters led by Yorkton
Securities Inc., which includes Canaccord Capital Corp., Dundee
Securities Corp. and Loewen, Ondaatje, McCutcheon Ltd., have been
revised in order to issue and sell 6,000,000 Common Shares in the
capital of SYNSORB at a price of $3.50 per Common Share for gross
proceeds of $21,000,000 with an option to the Underwriters to
increase the issue to 6,900,000 Common Shares ($24,150,000). The
transaction is subject to the receipt of all necessary regulatory
and stock exchange approvals and to the execution of definitive
documentation. SYNSORB will be filing a preliminary prospectus
qualifying the Common Shares forthwith. The Common Shares have not
and will not be registered under the United States Securities Act
of 1933 and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirement.
SYNSORB is a Canadian-based pharmaceutical company dedicated to
drug development and manufacturing. The Company has two
late-stage products, both of which are based on SYNSORB's
proprietary carbohydrate chemistry platform technology. SYNSORB
Pk(R) is in Phase III clinical trials, and is designed to prevent
the progression to Hemolytic Uremic Syndrome (HUS) in children who
have contracted verotoxigenic E. coli (VTEC) infections, including
E. coli O157:H7. SYNSORB Cd(R) will commence Phase III trials in
the first part of 2000, and is designed to treat recurrent
antibiotic-associated diarrhea (CDAD), a common hospital acquired
infection. SYNSORB has built a cGMP-compliant manufacturing
facility that has the capacity to meet or exceed the expected
global demand for the Company's products. A pipeline of future
products is accessible through subsidiary companies and SYNSORB's
carbohybrid program.
Shares of SYNSORB Biotech Inc. trade on the Toronto Stock Exchange
in Canada (symbol "SYB") and on NASDAQ in the United States
(ticker "SYBB").
This release contains certain forward-looking statements which
involve known and unknown risks, delays, uncertainties and other
factors not under the Company's control which may cause actual
results, performance or achievements of the Company to be
materially different from the results, performance or other
expectations implied by these forward-looking statements. These
factors include results of current or pending clinical trials,
actions by the FDA/HPB and those factors detailed in the Company's
registration statement on Form 20 F filed with the Securities and
Exchange Commission.
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FOR FURTHER INFORMATION PLEASE CONTACT:
SYNSORB Biotech Inc.
David Cox
President & CEO
(403) 283-5900
(403) 283-5907 (FAX)
dcox@SYNSORB.com
or
SYNSORB Biotech Inc.
Doug Ball
Vice President & CFO
(403) 283-5900
(403) 283-5907 (FAX)
dball@SYNSORB.com
or
SYNSORB Biotech Inc.
Douglas Froom
Vice President Business Development
(403) 270-1317
(403) 283-5907 (FAX)
dfroom@synsorb.com
synsorb.com |
