AELA trial still ongoing, but this hardly inspires confidence -
Québec City, Canada July 7, 2003 Æterna Laboratories Inc. (TSE: AEL, Nasdaq :AELA) announced today that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and including National Bank Financial Inc., Paradigm Capital Inc., Desjardins Securities Inc. and Loewen, Ondaatje, McCutcheon Ltd., to issue and sell 4.5 million subordinate voting shares of Æterna at a price of $7.90 (Canadian) per share.
The Company has also granted the underwriters an option to purchase up to an additional 1 million subordinate voting shares. Gross proceeds of this transaction will be $35.6 million assuming that the underwriters’ option is not exercised. The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected on or about July 24, 2003.
The proceeds from this financing will be used by AEterna to continue the active development of its lead antiangiogenic product, Neovastat, in oncology with phase III clinical trials in renal cell carcinoma and non-small cell lung cancer and for the continued broadening of clinical and commercial opportunities not only of Neovastat, but of the many other products in Aeterna’s pipeline. The proceeds will be also used for the Company’s growth strategy based on strategic alliances and acquisition of new technologies, as well as for general corporate purposes... |
