Hey- here is a NEW expanded version of the PR- The Biotech Mutual Fund owns over 10% of IZP...not a bad NON TOXIC endorsement, glad I jumped back in...THIS WAS EXACTLY the type of NON HYPE that I wanted to see:
Inflazyme Pharmaceuticals Ltd -
Inflazyme negotiates $14-million special warrant financing
Inflazyme Pharmaceuticals Ltd IZP
Shares issued 24,997,493 1999-04-30 close $1.63
Friday Apr 30 1999
Mr. Jeffrey Bacha reports
Inflazyme has received subscriptions and term sheets, subject to certain approvals, for a private placement of special warrants at $1.25 per special warrant, for gross proceeds of approximately $14.0-million. The company has closed on an initial block of $8.0-million and expects to receive the remaining $6.0-million on or about May 13, 1999. Each special warrant will entitle the holder to acquire, upon exercise, one share of the company for no additional consideration.
The net proceeds received by the company will be used to finance research and development activities not included in the company's proposed collaboration with Hoechst Marion Roussel, and for general corporate purposes.
In Stockwatch Feb. 10, 1999, Inflazyme and Hoechst Marion Roussel jointly announced the signing of a binding letter of intent to collaborate on the development of novel compounds for the treatment of allergies, asthma and respiratory diseases, Inflazyme's IPL576 and Hoechst Marion Roussel's H1/NK1 dual receptor antagonist. The company is continuing to work with Hoechst Marion Roussel on the documentation to complete the definitive agreement for the previously announced $91-million (U.S.) collaboration.
The proceeds have been deposited with Montreal Trust Company. First Marathon Securities Limited acted as lead agent for the financing, while CIBC Wood Gundy Securities Inc. and RBC Dominion Securities Inc. acted as co-agents. The agents will receive cash compensation and the company has agreed to grant compensation options entitling the agents to purchase up to 5 per cent of the number of shares issued in the financing at $1.25 per share.
The company has undertaken to file a prospectus in British Columbia, Ontario and Quebec to qualify the issuance of the securities upon exercise of the special warrants and agents warrants. The funds held in escrow will be released to the company if final receipts for the prospectus from the applicable securities commissions are issued and the company's shares are conditionally listed on the Toronto Stock Exchange. If receipts for the prospectus are not issued or the company's shares are not conditionally approved for listing on the TSE within 120 days of closing, then each holder of the special warrants may elect either a) to have the company repurchase from funds held in escrow the special warrants held by that holder at a sum equal to the subscription price, together with the pro rata interest earned thereon; or b) to acquire, without additional consideration, 1.1 shares instead of one share for each special warrant held.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
Ms. Fiona Brown also reports
As part of the special warrant private placement, Biotechnology Investments Limited has invested a further $750,000 in the company and acquired 600,000 special warrants. As a result, the purchaser beneficially owns 3,679,754 shares of Inflazyme and special warrants to acquire an additional 600,000 shares. Assuming the exercise of the special warrants for the additional shares, the purchaser owns over 10.9 per cent of the outstanding shares of Inflazyme.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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