[0] Underwriters of Neurochem Inc. Exercise Over-Allotment Option for Gross Proceeds of $36.8 Million.Business Editors, Health/Medical Writers SAINT-LAURENT, Quebec--(Business Wire)--Aug. 24, 2000 Neurochem Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :NRM NRM Natural Resources Management NRM National Railway Museum (UK) NRM Norman Rockwell Museum (Stockbridge, Massachusetts) NRM National Resistance Movement (Uganda) .), a biopharmaceutical company focused on the development of therapeutic treatments for a number of important diseases, including Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. , announced today that the Company's underwriters have exercised in full their 15 % over-allotment option in connection with the Company's Initial Public Offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) of 3,878,787 Common Shares which closed on June 22, 2000 resulting in additional gross proceeds of $4,800,000. Loewen, Ondaatje, McCutcheon Limited and Canaccord Capital Corporation, the underwriters of the Offering, acquired an additional 581,818 Common Shares of Neurochem at $8.25 per share. The exercise of the over-allotment option brings total gross proceeds raised under the offering to CAN$36.8 million, which Neurochem believes to be the largest Initial Public Offering by a Canadian biopharmaceutical company to date. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this offering will be used to fund clinical trials and preclinical studies and for capital expenditures and working capital. Neurochem Inc. was established in 1993 and the diseases it targets are characterized by the presence of toxic deposits of amyloid amyloid /am·y·loid/ (am´i-loid) 1. starchlike; amylaceous. 2. the pathologic, extracellular, waxy, amorphous substance deposited in amyloidosis, being composed of fibrils in bundles or in a meshwork of polypeptide protein. Neurochem's core technology aims at inhibiting the development and deposition of these toxic amyloid deposits, thereby potentially providing for therapeutic interventions that prevent the onset or arrest the progress of these major disorders, such as Alzheimer's Disease. Neurochem is an industry leader in the development of a novel, proprietary series of compounds that inhibit the formation, deposit and toxic effects of amyloid fibrils on cells within the body. Neurochem's research team has been working with international amyloid experts on the development of therapeutic cures to amyloid-related diseases, including Alzheimer's disease, Secondary Amyloidosis, Diabetes Type II and Hemorrhagic Stroke (due to Cerebral Amyloid Angiopathy Cerebral Amyloid Angiopathy Definition Cerebral amyloid angiopathy (CAA) is also known as congophilic angiopathy or cerebrovascular amyloidosis. ). Neurochem has advanced three drug candidates to clinical trials: Alzhemed(TM), for the treatment of Alzheimer's disease, Fibrillex(TM), for Secondary Amyloidosis, and Cerebril(TM), for Hemorrhagic Stroke. At present, the Company employs over 50 people and is located in Saint-Laurent, Canada (www.neurochem.com). |
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