IRVINE, Calif.--(BUSINESS WIRE)--Cobalis Corp. (OTC BB: CLSC) a pharmaceutical development company specializing in anti-allergy medications, announced today that it has agreed to sell $3.85 million in 8% Senior Secured Convertible Debentures to an institutional investor via a private placement. An initial $2.5 million closing is anticipated on or before December 26, 2006. Two additional closings, of $675,000 each, are anticipated upon the filing of a registration statement with the Securities and Exchange Commission and upon that registration statement being declared effective by the SEC. Proceeds from the private placement will be used for general corporate and working capital purposes, principally the advancement of the Company’s clinical program for PreHistin™, an allergy prevention medication.
