TORONTO, Aug. 12 /PRNewswire-FirstCall/ - Viventia Biotech Inc. today announced that its board of directors has ratified two interim bridge loans, for $900,000 and $2 million obtained on July 26, 2005 and August 3, 2005 respectively, from Mr. Leslie Dan, the Company’s Chairman and an entity controlled by him. In addition, the Board of Directors approved and authorized the Company to obtain an additional interim bridge loan of $400,000 from Mr. Dan to fund ongoing operations. All of the loans are unsecured, have an interest rate of 4.5% per year and are repayable on demand.
The board of directors determined, after receiving the recommendation of a special committee, that the loan arrangements entered into between the Company and Mr. Dan are reasonable given the circumstances of the Company and were obtained on reasonable commercial terms that are not less advantageous to the Company than if the loans were obtained from a person dealing at arm’s length with the Company. The loans were arranged by Mr. Dan in his personal capacity in order to fund ongoing operations.
The special committee, composed of independent directors of the Company, was formed and authorized by the board to review and consider the terms of the loan and to provide the board with its recommendation.
About Viventia Biotech:
Viventia Biotech Inc. is a publicly-traded biopharmaceutical company developing Armed Antibodies(TM), powerful and precise anti-cancer drugs designed to overcome various forms of cancer. Viventia’s lead product candidate is Proxinium(TM), which combines a cytotoxic protein payload significantly more powerful than traditional chemotherapies with the highly precise tumor-targeting characteristics of a monoclonal antibody. Proxinium(TM) is in clinical development for the treatment of head and neck cancer and bladder cancer, and is expected to enter advanced clinical trials in 2005.
This press release contains forward-looking statements, which are subject to risks and uncertainties inherent to the process of developing and commercializing human therapeutic products. Actual results could differ materially from those projected in this release. Certain statements included in this press release constitute forward looking statements. When used in this press release, the words “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “will”, “may”, “should” and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These forward-looking statements are not historical facts but reflect our current expectations concerning future results and events. These statements include, without limitation, statements with respect to the clinical and developmental timelines associated withProxinium(TM).
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information contained herein.
Viventia Biotech Inc.
CONTACT: James Smith, Tel. (416) 815-0700 x229, Fax. (416) 815-0080,Email: jsmith@viventia.com