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CONTACT:
Mr. Michael Liggett
Chief Financial Officer
(800) 315-3660, (604) 279-8511
$6 MILLION PRIVATE PLACEMENT
Vancouver, B.C., June 1, 1998 ----------Inflazyme Pharmaceuticals Ltd.
(VSE:IZP; OTC-BB:IZYPF) is pleased to announce that it has arranged the
private placement of 7,017,544 Units at $0.855 per Unit, for total proceeds
of $6,000,000. Each Unit consists of one common share and one-fifth of one
common share purchase warrant. One whole warrant will provide a holder with
the right to purchase one common share of the company at a purchase price of
$1.14 for a period of three and one-half years.
The private placement agreement is subject to the completion of
documentation, due diligence and approval by the Vancouver Stock Exchange.
The net proceeds will be used to fund ongoing research and development and
for general corporate purposes. There is no finders fee payable in
connection with this private placement.
Inflazyme Pharmaceuticals Ltd. is an emerging biopharmaceutical company
focused on the discovery and development of drugs that act through the
regulation of gene expression and biochemical pathways involved in
inflammatory diseases.
The statements made in this press release may contain certain
forward-looking comments. Actual events may differ from the Company's
expectations. In addition to the matters described in the press release,
future actions by the U.S. Food and Drug Administration or equivalent
regulatory authorities in various countries, results of pending or future
clinical trials, as well as risk factors from time to time in the Company's
SEC reports, may affect the actual results achieved by the Company.
Exemption from registration pursuant to Rule 12g3-2(b), Reg. No. 82-2317.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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