This just gets better and better!!!
Excuse me if I drool on the screen,hehehe
CDNX SYMBOL: PBP
MARCH 6, 2000
Procyon BioPharma Announces Terms of a Private Placement
MONTREAL, QUEBEC--Procyon BioPharma Inc. ("Procyon") announced
today that it has reached an agreement with Research Capital
Corporation ("Research Capital") to proceed on a best efforts
basis with a private placement of special warrants. Under the
terms of the agreement, approximately twenty million dollars will
be raised by the placement of special warrants. The special
warrants will be offered on a private placement basis at a minimum
purchase price of $2.62 per special warrant, subject to regulatory
approval. Each special warrant will be exercisable, at no
additional cost, into one common share of Procyon and one half of
one common share purchase warrant. Each whole common share
purchase warrant will be exercisable into one common share of
Procyon at a price equal to 150 % of the special warrant purchase
price for a period of two years following closing. The whole
common share purchase warrant is subject to regulatory review
prior to pricing.
Procyon will use proceeds from the financing principally to fund
ongoing research and development, including licensing, of current
and new technology and for general working capital.
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 to 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 also has two late-stage 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's shares trade on the CDNX under the ticker symbol, PBP.
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
