EDMONTON, July 14 /PRNewswire-FirstCall/ - Isotechnika Inc. (“Isotechnika” or the “Company”) announced today that it has delivered a drawdown notice to Azimuth Opportunity, Ltd. under the terms of its purchase agreement (the “Purchase Agreement”) with respect to its previously announced equity drawdown facility (the “Equity Line”). Pursuant to the terms of the Purchase Agreement, the drawdown pricing period (the “Pricing Period”) shall be 20 consecutive trading days commencing on the start of the Pricing Period (or such other period mutually agreed to by the parties) and the start of the Pricing Period will occur not later than five trading days after delivery of the drawdown notice.
The Company has receipted a base shelf prospectus (the “Prospectus”) dated May 23, 2006, and has filed a supplement to the Prospectus dated May 25, 2006. The Prospectus, as supplemented, is available on SEDAR at www.sedar.com and describes in detail the Equity Line.
If Azimuth, within 40 days of the settlement of the drawdown (the “Distribution Period”), resells, through the TSX or otherwise into the secondary market in Canada, any of the shares (the “Isotechnika Shares”) acquired by and pursuant to the drawdown, Isotechnika will recognize the first purchasers (the “First Purchasers”) of such securities if acquired during the Distribution Period as having purchased pursuant to a distribution under the Prospectus, as supplemented. In the event that there is a misrepresentation in the Prospectus, each First Purchaser will be entitled to rights: for damages, against Isotechnika, every director of Isotechnika as at the date of the Prospectus and every other person who signs the prospectus; and for rescission, against Isotechnika.
A pricing supplement setting out, among other things, the number of Isotechnika Shares issued to Azimuth pursuant to the exercise of the drawdown and the purchase price per Isotechnika Share will be filed on SEDAR at www.sedar.com within two business days after the end of the Pricing Period.
About Isotechnika Inc.
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Isotechnika Inc. is an international biopharmaceutical company headquartered in Edmonton, Alberta, Canada. Drawing upon its expertise in medicinal chemistry and immunology, the Company is focused on the discovery and development of novel immunosuppressive therapeutics that are safer than currently available treatments. Its entrepreneurial management and world-class team of scientists are building a pipeline of immunosuppressive drug candidates for treatment of autoimmune diseases and for use in the prevention of organ rejection in transplantation. Isotechnika looks to become the leader in development of immunosuppressant therapies.
Isotechnika’s lead compound, ISA247 is an immunosuppressant currently in an extension protocol of a Canadian Phase III human clinical trial for the treatment of moderate to severe psoriasis and a North American Phase IIb human clinical trial for the prevention of kidney graft rejection. The Company also has an additional immunosuppressive compound in its drug pipeline, TAFA93 which is in Phase I.
Isotechnika Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol ISA. More information on Isotechnika can be found at www.isotechnika.com.
Forward-Looking Statements
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This press release may contain forward-looking statements. Forward-looking statements, including the Company’s belief as to the potential of its products, the Company’s expectations regarding the issuance of additional patents and the Company’s ability to protect its intellectual property, involve known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the ability to economically manufacture its products, the potential of its products, the success and timely completion of clinical studies and trials, the Company’s ability to successfully commercialize its products, the ability of the Company to defend its patents from infringement by third parties, and the risk that the Company’s patents may be subsequently shown to be invalid or infringe the patents of others. Investors should consult the Company’s quarterly and annual filings with the Canadian commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements.
Isotechnika Inc.
CONTACT: Dr. Randall Yatscoff, President & CEO, Isotechnika Inc., Phone:(780) 487-1600 ext. 246, Fax: (780) 484-4105, E-mail:ryatscoff@isotechnika.com; Dennis Bourgeault, Chief Financial Officer,Isotechnika Inc., Phone: (780) 487-1600 ext. 225, Fax: (780) 484-4105,E-mail: dbourgeault@isotechnika.com