Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : SYNSORB (T.SYB)(SYBBF) CURE FOR CANCER? -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (141)	6/1/2001 1:00:03 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 164

Synsorb Biotech To Sell Up To 1M Oncolytics Biotech Shrs Dow Jones Newswires CALGARY -- Synsorb Biotech Inc. (SYBB) agreed to sell up to 1 million shares of Oncolytics Biotech Inc. (T.ONC) to Roseworth Group LLC over a 12-month period. Synsorb currently holds 6.75 million or about 37.1% of Oncolytics' shares. In a press release Thursday, Synsorb said under the terms of the agreement, it has the right but not the obligation to draw funds on a monthly basis in exchange for the transfer to Roseworth of free-trading Oncolytics shares. It noted that 10% of the Oncolytics shares that it holds are free-trading upon registration by prospectus, with additional shares being released from escrow annually through 2004. Synsorb said the purchase price of the shares will be calculated using a formula based on a percentage of the volume-weighted average market price over a 22-day trading period. It said the agreement provides for the company to request a maximum draw of C$1.5 million in any 22-day trading period. Synsorb said except for its requirement to purchase shares on a given trading day, Roseworth has undertaken not to hold a net short position in Oncolytics shares during the term of the agreement. Roseworth is a British Virgin Island-based investment company. Synsorb is a pharmaceutical company and Oncolytics is a biotechnology company. Company Web Sites: synsorb.com and oncolyticsbiotech.com