TORONTO, April 20 /PRNewswire-FirstCall/ - Microbix Biosystems Inc. announces the successful completion today of a non-brokered private placement offering of units. A total of 1.5 million Units at $0.70 each have been sold for gross proceeds of $1.05 million. Each Unit consists of one common share of MBX and one-half of a common share purchase warrant. Each whole warrant entitles the holder to subscribe for one common share at $0.90 for a period of 18 months. All securities are subject to a four-month hold period from the date of closing of the financing.
The investor is a large Canadian financial institution.
William J. Gastle, CEO of Microbix stated that “this financing will enable us to proceed with the previously announced financing arrangements for the Urokinase product to be used in dissolving blood clots and cancer therapies.”
The TSX has neither approved nor disapproved of the content of this
release.
Microbix specializes in developing proprietary biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including the risks associated with failure to develop and commercialize Urokinase on a timely basis, non-adoption, resistance to business model for commercialization and implementation; risk associated with operation and maintenance of facilities; risks associated with commercializing technology; and risks associated with margins due to appreciation of the Canadian dollar, among others. These forward-looking statements represent the Company’s judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
Microbix Biosystems Inc.
CONTACT: visit www.microbix.com or contact: William J. Gastle, ChiefExecutive Officer, (416) 234-1624 x 230