Delays regarding Receptagen Ltd. financing with
Pharmaceutical Consultants & Investments Inc. in
process of being resolved
EDMONDS, Wash.--(BUSINESS WIRE)--Nov. 18, 1996--Receptagen Ltd.
(TSE:RCG/OTCBB:RCEPF) disclosed details regarding the delays encountered with the
closing of the previously announced financing with Pharmaceutical Consultants & Investments
Inc. (PCI) resulting in the rescheduling of the extraordinary general meeting (EGM) from Dec.
2, 1996 to Dec. 16, 1996.
Proxy materials have now been forwarded to the shareholders.
Certain terms and conditions between PCI and its banker needed to be modified in order to
satisfy the investor. This process has been tedious and time consuming, but not out of the
ordinary. The Company has been in continual dialog with all of its creditors in order to keep
them apprised of the financing status.
They have been cooperative and are following the steady progress the Company has made to
date.
Albert G. Chiasson, chair and chief executive officer of the company stated, "The effort to close
our financing has been a long and arduous process. A number of challenges have surfaced over
the last couple of months and we are pleased to report that they have been resolved to the best
of our knowledge.
"Although we are confident that a closing can occur in the very near future, there are no
guarantees we will be successful and there is an associated risk to the Company if it fails to
close."
PCI is an offshore company founded by Dennis R. Fowler, M.D., Ph.D. Dr. Fowler was
previously employed at Abbott Laboratories, Searle Drugs, Squibb Diagnostics, and several
other public and non-public pharmaceutical companies. Dr. Fowler acted as executive vice
president of Medical and Regulatory Affairs for the company before leaving to pursue his
financing objectives.
Currently, Receptagen has three operations: Receptagen Corp. in Edmonds, Washington,
which is pursuing worldwide development of proprietary "Growth Blocker" drugs to induce
apoptosis (programmed cell death) in cancer cells, Ryan Pharmaceuticals Inc. in Edmonds,
Washington, which owns the exclusive rights to U.S. commercialization of Coenzyme Q10
(CoQ,10) for use in treating AIDS symptoms; and VWD Distributors, a wholesale drug and
durable medical equipment (DME) division in Burnaby, British Columbia, Canada. The
Toronto Stock Exchange has neither approved nor disapproved of the information contained
herein.
CONTACT: Receptagen Inc.
Albert G. Chiasson, chair and CEO
Joseph S. Baba, director of investor relations
800/558-8846 |
