Active Pass Completes CDN$7.7 Million Financing and Alters Board Composition.Business Editors/Health & Medical Writers BIOWIRE2K VANCOUVER, British Columbia--(BW HealthWire)--April 27, 2001 Active Pass Pharmaceuticals Inc. today announced that it has concluded a common share offering with gross proceeds of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $7.7 million. Investors included GrowthWorks Capital, RT Capital, StrategicNova Canadian Technology Fund, the Western Technology Seed Investment Fund, as well as private investors. Commenting on the financing, Peter B. Reiner, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "together with our existing resources, these funds provide us with sufficient capital to advance our programs through the next stage of development." Active Pass is a Vancouver-based biotechnology company whose core activity is the development of drugs which act by altering the function of a family of molecular pumps known as ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. transporters. Active Pass' lead program is in the area of 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. therapeutics, and is designed to reduce levels of the beta-amyloid peptide in the brain. 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). from the offering will be used to advance the Company's pre-clinical Alzheimer's program into a Phase 1 trial slated for 2002, as well as to expand Active Pass' ABC transporter technology platform into other disease areas. At its Annual General Meeting, Active Pass shareholders elected Jeffrey Tomlinson, Vice President of Investments at GrowthWorks Capital, to the Board of Directors. Mr. Tomlinson replaces Yad Garcha, Senior Vice President of GrowthWorks Capital, who has been a key member of the Board since inception. Prior to joining GrowthWorks Capital in January of 2001, Mr. Tomlinson held various positions at pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. , having most recently served as Director of Strategic Marketing at Gene Logic of Gaithersburg, Md. |
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