NOVATO, Calif.--(BUSINESS WIRE)--May 26, 2006--Highland Clan Creations Corp. (“Highland”) (OTCBB:HCLN - News) announces that as of May 25, 2006, it has acquired Raptor Pharmaceutical Inc. (“Raptor”), a private biotechnology research and development company. As a result, Raptor becomes a wholly owned subsidiary of Highland and Highland will focus solely on the development of Raptor’s RAP technology. Prior to and as a condition of the Raptor acquisition, Highland sold its business operations as a nutritional drink distributor. Furthermore, effective May 25, 2006, Brent McMullin and Brett Stewart resigned as directors and officers of Highland and Dr. Christopher M. Starr, Raymond Anderson and Erich Sager have been appointed as directors of Highland. Dr. Christopher M. Starr was also appointed as the Chief Executive Officer, while Ms. Kim Tsuchimoto and Dr. Todd Zankel were appointed as the Chief Financial Officer and Chief Scientific Officer of Highland, respectively.
Concurrent with the purchase of Raptor, Highland completed a $5 million private placement financing today. The financing consisted of 8,333,333 units of Highland’s securities at $.60 per unit. Each unit consisted of one share of common stock of Highland and one 18 month share purchase warrant at an exercise price of $0.60 per share. Net proceeds, after expenses and the repayment of a third-party bridge loan, were approximately $4.5 million.
Effective June 9, 2006, Highland will reincorporate in Delaware from Nevada and will change its name to Raptor Pharmaceuticals Corp. Raptor Pharmaceuticals Corp. will receive a new ticker symbol on the OTC Bulletin Board once the name change is completed.
Raptor is an early-stage biotechnology research and development company, engineering novel drugs and drug-targeting platforms derived from the human receptor-associated protein (“RAP”) and related proteins. Raptor intends to use the net proceeds from the financing for the continued research and development of its drug product candidates for the potential treatment of neurodegenerative diseases, genetic diseases and cancer. On January 27, 2006, Raptor purchased from BioMarin Pharmaceutical Inc. the intellectual property owned by BioMarin for the RAP technology as well as other related programs.
“We believe that our RAP technology will allow the selective and therapeutic targeting of organs, tissues and cell types through the use of specific receptor systems,” said Dr. Christopher Starr, Ph.D., co-founder and Chief Executive Officer of Raptor. “The neurological application of our RAP technology, named NeuroTrans(TM), has already demonstrated the potential to deliver therapeutic proteins across the blood-brain barrier to the brain in early non-clinical studies.”
Dr. Todd Zankel, Ph.D., co-founder and Chief Scientific Officer, stated, “We are excited to have the opportunity to fully develop Raptor’s approaches to a variety of diseases. We look forward to the work ahead, both on-site in Novato, California, and in the labs of our academic collaborators.”
“We’ve assembled a dedicated, experienced team that is passionate about the RAP technology. We are appreciative of the support of our early investors which allows the Raptor team to continue this vital research,” said Kim Tsuchimoto, Chief Financial Officer.
Details about this stock for stock exchange and financing can be found in Highland’s Form 8-K filing today on the SEC’s website. Additional information about Raptor can be found at www.raptorpharma.com.
About Highland Clan Creations Corp. and Raptor Pharmaceutical Inc.
Raptor is a wholly owned subsidiary of Highland and specializes in the bioengineering of receptor chaperone proteins to target cell surface receptors and enzymes for the potential treatment of serious, life-threatening diseases and conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.
Forward-Looking Statements
This document contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future results of operation or future financial performance, including, but not limited to, the following statements: that we will reincorporate in Delaware from Nevada and change our name to Raptor Pharmaceuticals Corp.; that we intend to use the net proceeds from the financing for the continued research and development of drug product candidates for the potential treatment of neurodegenerative diseases, genetic diseases and cancer; that our RAP technology will allow the selective and therapeutic targeting of organs, tissues and cell types through the use of specific receptor systems; that NeuroTrans(TM), has the potential to deliver therapeutic proteins across the blood-brain barrier to the brain in early non-clinical studies; statements relating to our ability to raise sufficient capital to finance our planned operations, our ability to develop viable drug product candidates; that we have the opportunity to fully develop Raptor’s approaches to a variety of diseases; that we will be able to continue our research; and that our research and products have the potential for treatment of serious, life-threatening diseases and conditions. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause our actual results to be materially different from these forward-looking statements. Factors which may significantly change or prevent our forward looking statements from fruition include that regulatory requirements may prevent us from taking corporate reorganization steps we intend; we may be unsuccessful in developing any products; that our technology may not be validated as we progress further and our methods may not be accepted by the scientific community; that we are unable to retain or attract key employees whose knowledge is essential to the development of our products; that unforeseen scientific difficulties develop with our process; that our patents are not sufficient to protect essential aspects of our technology; that competitors may invent better technology; that our products may not work as well as hoped or worse, that our products may harm recipients; and that we may not be able raise sufficient funds for development or working capital when we require it. As well, our products may never develop into useful products and even if they do, they may not be approved for sale to the public. For further risk factors see the Company’s 8-K filed with the SEC on May 25, 2006.
Contact: Highland Clan Creations Corp. Kim Tsuchimoto, 415-382-1390 info@raptorpharma.com
Source: Highland Clan Creations Corp.
