More impressive news for Procyon!
Sorry I am so late with it!
PROCYON BIOPHARMA INC ("PBP-V;PCYBF-L") - Closing of a $20-Million Private
Placement
Procyon BioPharma Inc. ("Procyon") announced the closing of a private placement of
approximately $20.4 million in special warrants. The special warrant financing was led
by Research Capital Corporation ("Research Capital"). This placement follows a recent
$3 million private placement completed in November 1999.
The special warrants were offered at $2.62 each. 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 purchase warrant entitles the holder to
purchase an additional common share of the company for $3.93 within 24 months of the
closing.
Use of Proceeds
"Mr. Hans Mader, President and CEO of Procyon commented that the funds raised in
this round will be used to finance ongoing operations of company enabling Procyon to
rapidly advance its oncology products into clinical development. A portion of the
proceeds will also be used to license additional new technologies to augment the
product portfolio of the company, ensuring future growth." Further, Mr. Mader added
that "ongoing activities at Procyon include active partnering and licensing efforts for our
near-market products Fibrostat(TM) and Colopath(TM). This follows our recent
licensing agreement with Biovail Corp. for Fibrostat(TM) in Canada which was
announced earlier this year."
Under the terms of the private placement, Procyon, with the support of Research Capital
has committed to filing a prospectus in a number of jurisdictions. On closing, 25 % of
the proceeds of the placement will be paid to Procyon and 75 % will be placed in escrow
pending receipt of the final prospectus qualifying for distribution the common shares
and purchase warrants from all offering provinces. Special Warrants must be exercised
into Common Shares and Purchase Warrants within 18 months of Closing.
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.
In addition, the estimation of PSP94 levels in prostate cancer patients may have
prognostic and diagnostic applications. 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. TEL: (514) 685-9283
Hans J. Mader, President & CEO,
Procyon BioPharma Inc. Email: hmader@procyonbiopharma.com TEL: (514) 843-2309
Nathalie Bourque, NATIONAL Public Relations Web site: www.procyonbiopharma.com
4/13/00 -
IMI and ProcyonAND Sign Letter Of Intent
IMI INTERNATIONAL MEDICAL INNOVATIONS INC ("IMIN-Z;IMINF-L")
PROCYON BIOPHARMA INC ("PBP-V") - IMI and ProcyonAND Sign Letter Of Intent
- to Commercialize Tests for Colorectal Cancer
IMI International Medical Innovations Inc. ("IMI") and Procyon Biopharma Inc.
("Procyon") have signed a Letter of Intent to form a Joint Initiative to develop and
commercialize a series of products for the screening of colorectal cancer and
associated pathologies. According to the Letter of Intent, the companies will consolidate
their respective colorectal cancer tests, creating key competitive advantages for the
Initiative through enhanced worldwide patent protection and the ability to develop
multiple formats. IMI will lead the product development, clinical trials and
commercialization of the combined technologies. Procyon will provide scientific
support, contribute to the funding of the initiative and share pro rata in the initiative's
revenues. The joint initiative will be structured within IMI and the definitive agreement is
expected to be concluded within 30 days.
The results of IMI's recent clinical trial for ColorectAlert(tm), conducted at the
Wellesley site of St. Michael's Hospital in Toronto, has been accepted for a scientific
presentation by Dr. Norman Marcon, Principal Investigator for the trial at the Digestive
Disease Week (DDW) conference in San Diego, May 21-24, 2000. DDW is expected to
attract over 15,000 attendees and is the largest conference in the world in this area. A
second scientific abstract based on this trial, has been accepted for presentation this July
at the 52nd Annual American Association of Clinical Chemistry meeting in San
Francisco. ColorectAlert is a simple laboratory-based test that detects a
cancer-associated sugar in rectal mucus taken at the time of a physical exam. The test is
inexpensive and painless, does not require a blood test or stool sample and requires no
dietary restrictions prior to obtaining the sample.
Procyon's COLOPATH(tm) test is a rapid mucus based test that detects a different
marker and may be suitable for development into a true Point Of Care (POC) test.
Colopath has undergone clinical studies with symptomatic patients scheduled for
colonoscopy and additional clinical studies are ongoing in British Columbia for
screening of symptom free individuals over age 50.
Colorectal cancer affects 150,000 new people in North America annually and is
particularly deadly when detected in late stages, killing over 60,000 patients every year.
The early detection of colorectal cancer allows for effective treatment, including the
removal of polyps that are often pre-cancerous, which results in improved patient
outcomes and a 90% cure rate.
"Our Joint Initiative makes sense scientifically, financially and commercially," said Dr.
Brent Norton, President and C.E.O. of IMI. "Based on these studies, there is a clear
indication that rectal-mucus testing has the potential to identify patients with colorectal
cancer early, when appropriate therapeutic measures can be adopted. This initiative will
build on our respective strengths and ultimately allow us to generate revenues more
quickly. In light of the heightened public awareness of the disease and the upcoming
scientific presentations, we feel it is important to work together in order to create a
unified front and combine these technologies," said Dr. Norton.
"This relationship offers both companies significant advantages," said Hans J. Mader,
President and CEO of Procyon. "Rather than competing with each other in our respective
territories for the colorectal cancer testing market, we will combine our expertise and
bring the products to market faster. Not only do we have worldwide patents and patents
pending, but we now can offer a lab-based test with the potential to have a POC version.
Perhaps they may work in combination as screening and confirmatory tests. Moreover,
by bundling our technologies, we will increase our market potential and have greater
leverage when licensing them to marketing partners," said Mr. Mader.
IMI is a Canadian "Predictive Medicine" company, dedicated to developing innovative
products for the rapid and early detection of serious or life-threatening diseases. In
addition to ColorectAlert(tm), and CA1-18, a blood based tumor marker, IMI has
developed Cholesterol 1,2,3(tm) a non-invasive, three minute point-of-care test for
cholesterol measurement and Stone Check(tm), a test for determining kidney stone
disease. IMI is located in Toronto and its shares are currently traded on the Canadian
Dealing Network (CDN:IMIN-15,311,849 shares o/s).
Procyon BioPharma (CDNX:PBP), is focused principally on advancing two powerful
platform technologies that have the potential to treat cancer. Procyon's Antinuclear
Autoantibodies (ANA's) bind specifically to multiple cancer cell types, with the
potential to strongly enhance an 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 cell growth. In addition, the estimate of PSP94
levels in prostate cancer patients may have prognostic as well as diagnostic applications.
In addition to COLOPATH(tm), Procyon has another late-stage product,
FIBROSTAT(tm), a topical cream for the management of newly formed scars following
surgery or burns, which is in late Phase II. The Canadian Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements, which reflect both companies'
current expectations regarding future events. The forward-looking statements involve
risk and uncertainties. Actual events could differ materially from those projected herein
and depend on a number of factors including, but not limited to, changing market
conditions, successful and timely completion of clinical trials, uncertainties related to
the regulatory approval process, establishment of corporate alliances and other risks
detailed from time to time in both companies' quarterly filings. TEL: (514) 685-9283
Hans J. Mader, President & CEO
Procyon BioPharma Inc. E-mail: hmader@procyonbiopharma.com TEL: (905)
677-6235 Dr. Brent Norton, President & CEO
IMI International Medical Innovations E-mail: bnorton@imin.ca |
