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Gold/Mining/Energy : Procyon Biopharma Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Tim Cruise who wrote (146)	9/3/1999 6:54:00 PM
From: thebeach	Read Replies (1) \| Respond to of 356

MARKET NEWS Date 09/02/99 Company PROCYON BIOPHARMA INC. Title Proposes Private Placement PROCYON BIOPHARMA INC ("PBP-Y") - Proposes Private Placement Procyon BioPharma Inc. ("Procyon" or the "Company") announces, in accordance with Alberta Stock Exchange Circular No. 6, that it proposes to complete a private placement of a minimum of $650,000 (2,600,000 common shares) and a maximum of $3,000,000 (12,000,000 common shares) at $0.25 per share (the "Private Placement"). The Private Placement is subject to the minimum offering being fully subscribed and is expected to close on or about September 15, 1999 with additional closings up to the maximum offering to take place no later than November 1, 1999. The issue price was determined by the Board of Directors after consideration of Procyon's 10 day average trading price and application of a 15% discount. Procyon expects that the majority of the Private Placement will be subscribed by arms length parties. However, certain non arms-length parties consisting of directors and shareholders of the Company have expressed an interest in participating in the Private Placement for up to an aggregate amount of $1,000,000. Procyon intends to use the proceeds of the Private Placement for the following purposes: //st Description Allocation of Proceeds Minimum Maximum Offering Offering General working capital, including 40% 30% business and development costs for Fibrostat(TM) Advancing PSP-94 preclinical and clinical 45% 45% studies Advancing Colopath(TM) clinical evaluations 15% 25% and ongoing research and development work on ANA monoclonal antibody technology //et The Private Placement is subject to receipt of regulatory approval, director's approval and applicable shareholders' approval. In addition, Procyon must file formal application for the Private Placement with the Alberta Stock Exchange within 14 calendar days of this press release. Procyon is a biopharmaceutical company engaged in the discovery and development of innovative products for the treatment and diagnosis of cancer. The Company is advancing a broad pipeline of products based on its proprietary Antinuclear Autoantibody (ANA) and Prostate Secretory (PSP-94) technologies. Procyon has two products in late stage development. COLOPATH(TM), a screening test for colorectal cancer, and FIBROSTAT(TM), a topical therapeutic scar management cream designed to manage hypertrophic scarring following surgery or serious burns. The Company is headquartered in London, Ontario with research facilities in London, Ontario and Boston, Massachusetts. This news release may contain "forward-looking statements" based upon current expectations but involving known and unknown risks and uncertainties. Actual results or achievements of the Company may be materially different from those expressed or implied. The Company's current plans and objectives are based upon assumptions involving judgments with respect to factors including technology development, economic, competitive and market conditions and future business decisions. These factors are difficult or impossible to predict accurately, may change and many are beyond the control of the Company. Therefore, investors are cautioned that there can be no assurance that the forward-looking statements will prove to be accurate. TEL: (519) 432-8486 Dr. Chandra J. Panchal, President & CEO or Douglas S. Alexander, Senior Vice-President, Finance & CFO Procyon BioPharma Inc. TEL: (416) 364-2266 Mark Brennan, Linear Capital Corp. ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. 990902K7+5+000033