WOODBRIDGE, ON, June 25, 2012 /PRNewswire/ - Pivotal Therapeutics Inc. (OTCQX: PVTTF) (CNSX: PVO), a specialty pharmaceutical company with a focus on cardiovascular
health, is pleased to announce it has entered into a subscription
agreement with a US Institutional Fund; Crossover Healthcare Fund LLC,
an Affiliate of Summer Street Research Partners, and intends to close a
non-brokered private placement for CDN $5 million.
Pursuant to the subscription agreement, the Company has agreed to issue
22,727,273 units at a price of $0.22 each. Each unit consists of one
common share and one-half purchase warrant. Each full purchase warrant
may be exercised to purchase one common share of the Company upon
payment of the exercise price of $0.50 per common share. The purchase
warrants expire 24 months following the closing of the private
placement and may be called by the Company at any time after six months
following closing, provided the common shares of the Company have
traded at a price of at least $0.75 for 20 trading days within a 30
consecutive day trading period. Units will be issued in tranches as
funds are received; please refer to the Company Form 9 Filings on the
CNSX website for detailed updates with regards to this financing.
About Pivotal Therapeutics Inc.
With offices in Toronto, Canada and Boca Raton, Florida, Pivotal is a
publicly traded (OTCQX: PVTTF; CNSX: PVO), specialty pharmaceutical
company with a focus on cardiovascular health and overall health.
Pivotal's lead product VASCAZENTM is a prescription-only medical food formulated to meet the dietary
Omega-3 deficient needs of patients with cardiovascular disease through
elevating Eicosapentaenoic (EPA) and Docosahexaenoic (DHA) to levels
associated with reduced risk of cardiovascular complications.
VASCAZENTM is a >90% pure, proprietary EPA:DHA fatty acid formulation, protected
by a series of both issued and pending US and foreign patents and
commercialized by prescription only. This unique formulation will
provide the cornerstone upon which a family of cutting edge combination
products, with efficacy across a broad spectrum of cardiac care, will
OMAZENTM is a >90% pure, proprietary EPA:DHA fatty acid formulation
commercialized for sale and distribution in Canada for the maintenance
of good health through elevating Omega-3 fatty acid levels. The unique
formulation and dosage will be available to patients and consumers who
realize the health benefits of Omega-3 supplementation with a quality
The information contained in this document is as of June 25, 2012. This
press release contains forward-looking statements. Such forward-looking
statements are subject to a number of risks, assumptions and
uncertainties that could cause Pivotal's actual results to differ
materially from those projected in such forward-looking statements.
These statements can be identified by the use of words such as "will",
"anticipate", "estimate", "expect", "project", "forecast", "intend",
"plan", "believe", "project", "potential", and similar expressions with
any discussion of future operating or financial performance or events.
In particular, factors that could cause actual results to differ
materially from those in forward looking statements include the
following: Pivotal's inability to obtain additional financing on
acceptable terms; growth in costs and expenses; inability to compete
with others who provide comparable products; risk that the Company's
products will not gain widespread market acceptance; risks relating to
the Company's ability to maintain its CSNX listing. Forward-looking
statements speak only as of the date made and are not guarantees of
future performance. The Company undertakes no obligation to publicly
update or revise any forward-looking statements contained in this
document as a result of new information or future events or
developments. CNSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this information.
SOURCE Pivotal Therapeutics Inc.