TORONTO, July 5 /CNW/ - Transition Therapeutics Inc. (“Transition” or the “Company”) (TSX: TTH), today announced that it has agreed to a $25 million private placement of Transition common shares, on a non-brokered basis, to a number of funds managed by Oracle Investment Management Inc., The Invus Group LLC, and a large Boston based investment management company. In addition, to satisfy the NASDAQ’s listing criteria regarding minimum bid price, Transition also announced that the Company intends to file articles of amendment for the consolidation of the Company’s common shares on the basis of one post-consolidation common share for every nine pre-consolidation shares. This share consolidation was approved by Transition’s shareholders at the Company’s Annual and Special Meeting held in December 2006.
