SAN DIEGO--(BUSINESS WIRE)--MultiCell Technologies, Inc. (OTCBB:MCET), developing first-in-class drugs based on advanced immune system modulation and other proprietary technologies, announced that on October 5, 2006, it has amended and restated its May 3, 2006, common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago-based institutional investor. Under the agreement as amended, the Company has the right to sell to Fusion Capital $8 million of its common stock over a 25 month period. Funding shall commence after the U.S. Securities and Exchange Commission declares effective a registration statement relating to the transaction. Proceeds from this transaction will be used to assist MultiCell in advancing its lead drug development programs into the next phase of human clinical trials. A more detailed description of the amended and restated agreement is set forth in the Company’s Current Report on Form 8-K filed on October 5, 2006.
