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Biotech / Medical : Nortran Pharmaceutical -NRT.V
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To: David Culver who wrote (235)11/10/1997 8:31:00 PM
From: sPD  Read Replies (1) of 1185
 
NOVEMBER 10, 1997

Nortran Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--Nortran Pharmaceuticals Inc. is
pleased to announce that it has closed the Private Placement
announced on September 29, 1997, with CCM Investments Ltd., a
wholly-owned subsidiary of Chemical Company of Malaysia Berhad
("CCM").

The non-brokered Private Placement of 2.7 million units at a price
of $1.60 per Unit will give Nortran gross proceeds of $4.3
million, bringing Nortran's working capital to approximately $8
million. Each unit consists of one Nortran common share and 0.3
warrants. Each full warrant entitles its holder to purchase one
common share of Nortran at $2.00 for a period of one year. The
securities are subject to a one year hold period expiring on
November 10, 1998.

Proceeds from the Private Placement will be applied to Nortran's
research and development projects as well as general operating
expenses.

Nortran Pharmaceuticals Inc. is a drug discovery company whose
focus is pathology targeted small molecules. Nortran's current
drugs in development target the ion channels responsible for life-
threatening arrhythmias of the heart and for intractable pain.

ON BEHALF OF THE BOARD

"Allen Bain"

Allen Bain, Ph.D., President
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