VANCOUVER, Nov. 5 /PRNewswire-FirstCall/ -- InNexus Biotechnology Inc. is pleased to announce that it has closed 2,090,000 shares of its previously announced non-brokered private placement at $0.45 per share for gross proceeds of $940,500. These shares will be subject to a hold period expiring on March 5, 2005.
InNexus has paid finders fees of $71,460 with respect to this placement. In addition, InNexus has granted Williams de Broe PLC of London a non- transferable option to acquire 193,000 common shares of the Company at a price of $0.45 per share, exercisable for a period of two years from the closing of the placement. One of the longest established brokerage firms in the City of London, Williams de Broe is a subsidiary of the ING Group of Holland and a Member of the London Stock Exchange.
The net proceeds of this placement will be applied to general working capital.
InNexus is developing the next generation of therapeutic, monoclonal antibodies using its SuperAntibody Technology Platform. InNexus intends to apply this technology to improve the potency of existing antibody products while opening new markets and disease applications with other forms of SuperAntibodies. InNexus will develop the technology through partnerships with biotechnology and pharmaceutical companies while pursuing development of its own products for unmet medical needs. To learn more about InNexus please visit the Company's website: http://www.innexusbiotech.com/
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts and are subject to risks and uncertainties which could cause actual results and the timing of certain events to differ materially from those set forth in or implied herein including, without limitation, risks associated with clinical development, regulatory approvals, product commercialization, intellectual property claims litigation and other risks associated with the Company's proposed activities.
On behalf of the Board of Directors of InNexus Biotechnology, Inc.
"ALTON C. MORGAN"
Dr. A. Charles Morgan
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
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