InterUnion Exercises Receptagen Warrants
Tuesday July 21, 12:47 pm Eastern Time
PALM BEACH, Fla.--(BUSINESS WIRE)--July 21, 1998--InterUnion Financial Corp. (OTCBB:IUFC - news) announced today that its wholly owned subsidiary, Marbury Trading Corp. has informed Receptagen Limited
(TSE:RCG/OTCBB:RCEPF) that as requested by the Toronto Stock Exchange and as a follow up to the RCG shareholders meeting held in Toronto on June 30, it will exercise 7,970,938 of the 15,941,000 common share purchase warrants it owns prior to July 31, 1998 in order to receive 7,970,938 replacement common share purchase warrants.
Subject to the condition imposed by the Toronto Stock Exchange for the repricing of all the outstanding warrants, Marbury has the option to exercise all the common share purchase warrants it owns. Such condition is that should, subsequent to the Shareholders Meeting but prior to Sept. 30, 1998, the ten (10) day weighted average trading price of the common shares of Receptagen on any public market (prior to giving effect to the Share Consolidation) exceed C$0.047 per share the (''Triggering Event''), all warrants sought to be repriced and extended will expire on the 30th day following the occurrence of
the Triggering Event regardless of any later expiry date that may be identified in the terms of the warrants.
''In the past year, an enormous amount of research has been done by the biotechnology analysts we employ at our Credifinance subsidiary as well as by various independent consultants. We are very comfortable with the intrinsic value of RCG that is trading only as a 'shell''' said Georges Benarroch, President of IUFC.
Credifinance analysts point out that the demise of Receptagen was exclusively due to former management problems, and not to product failure. It is also important to note that research has continued on RCG compounds within the past year and a half.
Benarroch continued ''...as the single largest shareholder and sole secured creditor of Receptagen, we have made sure that all the patents are in place and that maintenance fees continue to be paid and are up to date.''
With 38 patents in various legal stages, RCG Ltd. has an extremely rich portfolio of mainly apoptosis (programmed cell death) preventing and inducing molecules. The apoptosis preventing compounds are primarily intended for the treatment of stroke, myocardial ischemia, and ischemia of organs of the gastrointestinal tract. These compounds help to keep cells alive when there is a shortage of oxygen. Animal studies demonstrated that the effects of CoQ10 on cell life were highly significant. These studies have demonstrated proof of principal. Another important consideration is that natural molecules such as CoQ10 have a much higher rate of product approval than do new chemical entities. The apoptosis inducing small molecules that block the growth of cells are primarily targeted at treating cancer. All of these disorders have large market sizes.
InterUnion is a ''business bank'' which operates in the international financial service industry, in particular investment banking and investment management.
No regulatory authority has approved or disapproved the information contained herein. |
