Another news release via email today...
SYNSORB NEWS
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Dear subscriber:
Here's our second news release this week. Please don't expect this kind
of news flow every week!
Best wishes from Calgary,
Chevonne Miller
SYNSORB Biotech
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SYNSORB BIOTECH INC. COMPLETES $8.9 MILLION EQUITY FINANCING
Calgary, July 23 --- SYNSORB Biotech Inc. announced today the
Corporation has completed an earlier announced offering of 1.15 million
common shares for gross proceeds of $8,912,500.
The offering, pursuant to a short-form prospectus filed with the
securities commissions in Ontario, Alberta and British Columbia on June
7, 1997, was underwritten by Yorkton Securities Inc. and Gordon Capital
Corporation. The Corporation now has approximately 17.45 million shares
issued and outstanding.
Net proceeds of the offering will be used to acquire, develop and
upgrade manufacturing facilities, for clinical trials relating to
SYNSORB Pk\056 and SYNSORB Cd\056, for other development expenses and for
general corporate purposes.
SYNSORB Biotech Inc. is developing therapeutic products for
gastrointestinal diseases which at present have no cure or would benefit
from additional therapies. The Company has a suite of orally-delivered
gastroenteric products under development. These include SYNSORB Pk\056 for
the prevention of kidney damage in children with E. coli O157:H7
infections, which is currently undergoing Phase III clinical trials in
Canada and Japan and SYNSORB Cd\056 for recurring or relapsing
antibiotic-associated diarrhea (CDAD) which began a Phase II clinical
trial in Canada in May, 1997. A library of compounds for viral and
bacterial diarrhea in children as well as potential candidates for
inflammatory conditions in gastroenterology are also being created and
investigated.
Shares of SYNSORB Biotech Inc. trade on the Toronto Stock Exchange under
the symbol "SYB".
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For further information please contact:
Doug Ball, Chief Financial Officer
Chevonne Miller, Investor & Industry Relations
SYNSORB Biotech Inc.
Phone: 403-283-5900 |
