Found this on the NEWS....
InterUnion: Receptagen Ltd. receives offer to merge
EDMONDS, Wash.--(BW HealthWire)--May 12, 1997--INTERUNION FIN. CORP
(OTC:BB - news) Receptagen Ltd. (TSE:RCG - news) was informed today by
InterUnion Financial Corporation, the Company's investment banker, that it hadreceived a proposal from Generex Pharmaceuticals, Inc. based in Toronto, Ontario, to merge with Receptagen Ltd.
Generex Pharmaceuticals, Inc. is a private emerging pharmaceutical company founded in September 1995, with a commitment to make a significant improvement in patient care. Generex has adopted a unique approach based on a combination of three interrelated components: research and development, strategic alliances and joint
ventures.
Generex develops and commercializes pharmaceutical products and breakthrough technologies to serve new niches. Its R&D program targets unique drug delivery technologies and systems in the areas of oral insulin and sustained release drugs.
Through its bridge loan and debt restructuring of the Company, InterUnion will become the controlling shareholder of Receptagen, subject to final approval by the shareholders and regulatory agencies planned on or before May 30, 1997.
Credifinance Securities Limited, a wholly owned subsidiary of InterUnion, intends to close the current financing for Receptagen on or before May 23, 1997.
Additionally, Receptagen intends to complete a second Special Warrants Offering enabling the Company to raise an additional $1 million (CDN). Each Special Warrant in the second Offering will be exercisable, without payment of additional consideration, for one unit (the ``Unit'') consisting of one common share and one non-transferable
common share purchase warrant (the ``Subscription Warrant'').
Each Unit will be priced at $0.2475 (CDN) per Unit and each Subscription Warrant will be exercisable into one common share at $0.33 (CDN) for a two year period. The Offer of such Units will be subject to approval by the Toronto Stock Exchange, and all
applicable security regulators.
Georges Benarroch, C.E.O. and President of InterUnion stated, ``that Generex has proposed to subscribe to the current Receptagen financing and then proceed with an amalgamation of the two companies. We are looking at a number of alternatives and are prepared, with the co-operation of the Board of Directors for both Receptagen and
Generex, to consider Generex's proposal, subject to a number of conditions being met prior to May 19, 1997,'' continued Mr. Benarroch.
Receptagen is actively involved in two operations: Receptagen Corporation in Edmonds, Washington, which has been pursuing worldwide development of proprietary ``Growth Blocker'' drugs to induce apoptosis (programmed cell death) in cancer cells; and Ryan Pharmaceuticals Inc. in Edmonds, Washington, which owns the
exclusive rights to U.S. commercialization of Coenzyme Q10 (CoQ10) for use in treating AIDS symptoms.
InterUnion Financial Corporation is an international business bank which provides bridge financing.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Interesting...
B.
(Any thoughts....?) |
