Wednesday July 26, 10:01 am Eastern Time
Company Press Release
Procyon BioPharma Inc.: $20.4 Million Private
Placement, Securities and Regulatory Authorities
Issue Receipt of Final Prospectus From Procyon
BioPharma
MONTREAL, QUEBEC--Procyon BioPharma Inc. (``Procyon'') announced today the issuance of a receipt dated
July 24, 2000, in British Columbia, Alberta, Ontario and Quebec for a final prospectus relating to the
distribution of 7,789,560 common shares and 3,894,780 common share purchase warrants. The common
shares and purchase warrants will be issued in exchange for 7,780,560 special warrants which were
previously issued in a $20.4 million private placement which was completed on April 11, 2000, and was led
by Research Capital Corporation.
The obtaining of a receipt for its final prospectus means that, on July 31, 2000, Procyon will be paid the 75 %
of the gross proceeds of the private placement which were placed in escrow pending the issuance of the
receipt. Proceeds from the offering will be used for the development of Procyon's core technologies, the
potential acquisition of new technologies and working capital.
In making the announcement, Hans J. Mader, President and CEO of Procyon, said, ``We are very pleased
that this major financial step has been completed. The successful completion of this transaction will provide
Procyon with a solid financial foundation.''
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 (PSP(94)) 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
PSP(94) 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.
Contact:
Procyon BioPharma Inc.
Hans J. Mader
President and CEO
(514) 685-9283
Email: hmader@procyonbiopharma.com
Web site: www.procyonbiopharma.com
or
NATIONAL Public Relations
Nathalie Bourque
(514) 843-2309 |
