To-day's release
Vasogen Inc - News Release
Cash position increases
Vasogen Inc
VAS
Shares issued 22800000
1997-06-19 close $2.31
Friday Jun 20 1997
News Release
Mr Trevor Burns reports
Vasogen has completed a private placement of 2,200,000 units at $2.50,
generating net proceeds of $5.5 million. Each unit consists of one share and a half
warrant exercisable at $3.00 prior to November 30 1998. The company is now
fully funded into 1999 with a current cash position of $10.6 million.
The proceeds of this placement will be used to finance a number of new research
initiatives, including the expansion of the company's basic research program at the
universities of Toronto, Montreal and Sheffield, UK, and the initiation of clinical
trials in the areas of peripheral arterial occlusive disease and diabetic leg ulcers.
These trials are being planned in the UK, Sweden and the US.
The company has completed its double blind clinical trial in Raynaud's disease,
under the direction of Professor Jill Belch at the University of Dundee, Scotland,
and anticipates reporting results in July. The company is on schedule to obtain
regulatory approval in Europe by the end of the third quarter, with commercial
introduction to follow in the fourth quarter.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Regards
Stevie |
