We did not have to wait long for the financing did we. This sure confirms the the garbage you get from talking to the IR people. This company went down three notches in terms of what they tell investors over the phone.
For the record I bought your shares today. Opposite action to what I would have advised anyone else. I know better I'll get my wife to smack me.
No mention of a time line for pricing this deal.
SYNSORB Biotech Inc. Announces Public Offering
16:52 EST Tuesday, March 23, 1999
Canadian Corporate News
CALGARY, ALBERTA--SYNSORB Biotech Inc. ("SYNSORB") (TSE:SYB, NASDAQ: SYBBF) announced today that it has filed a preliminary short form prospectus with the securities commissions in Ontario, Quebec, Manitoba, Alberta and British Columbia relating to a proposed offering of common shares.
The underwriting syndicate for the offering will be led by TD Securities Inc., and include HSBC James Capel Canada Inc., Canaccord Capital Corporation, Dundee Securities Corporation, and Loewen, Ondaatje, McCutcheon Limited. Net proceeds of the offering will be used primarily for operation of the manufacturing facility, clinical trials relating to SYNSORB Pk(R) and SYNSORB Cd(R), other research and development expenses and for general corporate purposes. SYNSORB currently has 20,128,186 shares issued and outstanding.
SYNSORB is dedicated to accelerated drug development from the acquisition of promising compounds emerging from basic research through clinical development, and ultimately to providing channels to market for new discoveries. Headquartered in Calgary, SYNSORB currently has two products in late stage clinical trials, SYNSORB Pk(R) for the treatment of verotoxigenic E. coli (VTEC) infections (including O157:H7), and SYNSORB Cd(R) designed to treat recurrent antibiotic-associated diarrhea (CDAD). SYNSORB has additional compounds in pre-clinical development, including potential cancer treatments and novel antibiotics, with inflammation and anti-virals targeted in the Company's research and development program.
This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. These factors include results of current or pending clinical trials, actions by the FDA/HPB and those factors detailed in the Company's registration statement on Form 20 F filed with the Securities and Exchange Commission. The common shares have not been and will not be registered under the United States Securities Act of 1993, as amended (the "1933 Act"), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the 1933 Act.
© Canadian Corporate News - 1998 |
