Hello Larry, I'm back in MBI
I noticed that the lowest warrant excercise price was 5.50.
Quite interesting how that coincides with the stable base MBI stock has established at 5.40-5.60.
I think this is a good entry point for anyone on the sidelines... with a possible target of 14.50 by next year (just based on the warrant expectations).
Also more money (the 8.6 million raised... see below) means that they can move their peptide drugs further to commercialisation without a pharma and that means when they go to negotiate terms for production/distribution, their cut will be that much greater.
Cheers,
Graham
----------Aug 30 2000 news item-------------
MICROLOGIX BIOTECH INC ("MBI-T;MGIXF-L")
- Raises $8.6 Million
Dany Hadary, President and CEO of Micrologix Biotech Inc. announced that the Company has received approximately $8.6 million
pursuant to the exercise of warrants and after-market support options for the purchase of 3,509,667 common shares. These funds bring
the Company's cash position to approximately $63 million and the number of common shares issued and outstanding to 39,311,809.
The exercised warrants and after-market support options were issued as part of the special unit financing closed in August 1999.
A further 656,416 after-market support options issued in connection with the August 1999 financing and the March 2000 special warrant
financing remain outstanding. These after-market support options, which expire at various dates between December 15, 2000 and
September 11, 2001, have exercise prices ranging from $5.50 to $14.50 per common share, representing potential proceeds of
approximately $6.7 million.
Micrologix Biotech Inc. develops novel drugs targeted at severe and life-threatening diseases -- particularly those caused by
antibiotic-resistant bacteria. The Company's portfolio of antibiotic drug candidates is based on improved analogs of naturally occurring
cationic peptides found in the host defense systems of most life forms. Micrologix currently has three drugs in clinical trials in the US --
MBI 226 for the prevention of catheter-related bloodstream infections, MBI 594AN for the treatment of acne and MBI 853NL for the
prevention of hospital-acquired Staphylococcus aureus infections. Under FDA fast track designation, the Company plans to initiate
Phase III clinical trials of MBI 226 in September 2000. Micrologix recently completed Phase I clinical trials of MBI 594AN and MBI 853NL
and anticipates initiating further clinical trials for these drug candidates during the fourth quarter of 2000. |
