Roger, thought I'd post it for anyone who might be following. Any idea what $/share the placement was done at??? Would 2,000,000 shares at .60 sound about right?
ALTACHEM PHARMA LTD. ANNOUNCES COMPLETION OF PRIVATE PLACEMENT
CALGARY, ALBERTA--
Warren Jackson, President and Chief Executive Officer of Altachem
Pharma Ltd. (AAF) is pleased to announce the completion of the
$1,196,236.50 Private Placement.
Use of the Private Placement Proceeds: To facilitate advancement
in the three divisions of the company:
1. Manufacturing Division:
Obtaining ISO 9004 and EN ISO 46002 certification of the
manufacturing facility to enable export to the European
Community counties.
2. Proprietary Drug Division:
(a) To complete Phase I Human Clinical Trials on
Anticort(TM):
Since obtaining the Health Protection Branch "No
Objection" letter to proceed with clinical trials, the
file for the ethics committee at the Royal Victoria
Hospital is complete and will be submitted June 5, 1999
for the Ethics Committee meeting June 7, 1999. Once
approval is granted by the Ethics Committee, selection
of the patients will be finalized and the clinical
trials will begin approximately September or October of
1999.
(b) Preparing and moving the HIP (HCG like and HIV
Inhibitor Protein) Molecule into Phase I Human Clinical
Trials. Target application for treatment of
AIDS-Kaposi's Sarcoma.
3. Generic Division:
Completing various formulations for the Joint Ventures
currently in place in China.
Since becoming the CFO of a publicly trading company, which
Altachem Pharma has a ten year exclusive manufacturing contract
with, Dennis Bourgeault has resigned as Director of Altachem
Pharma Ltd. effective May 31, 1999.
Doug Jewell has been appointed Chief Financial Officer and
Director. Mr. Jewell's profession from 1972 to 1996 was in a
mechanical contracting firm. Doug has acquired a wealth of
knowledge in financial and business management from having
various positions in the contracting firm, serving twelve years
as a director of the Edmonton Construction Association and
chairperson of several committees.
World Renowned Scientists Dr. Bennett and Dr. Pelletier have
joined our Scientific Review Committee, headed up by Dr. Tony
Antakly.
Dr. Hugh P.J. Bennett is a tenured Professor of Medicine at
McGill University and the director of the Sheldon Biotechnology
Center of McGill University. He is also the director of the
Endocrine Labs at the Royal Victoria Hospital.
Dr. Pelletier is a tenured professor of Physiology at Laval
University Faculty of Medicine and a member of the Medical
Research Group in Molecular Endocrinology at Laval University
Hospital Center. To find out more on the Scientific Review
Committee please visit our website at www.altachempharma.com.
For more information, please visit our WEB site or contact Warren
Jackson at (780) 448-1400 or e-mail warren@altachempharma.com.
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