AlphaRx, Inc. Secures Private Placement Financing.Business Editors, Health/Medical Writers RICHMOND HILL Richmond Hill may refer to: Places:
The Board of Directors of AlphaRx, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ALRX) announced today it secured private placement financing, on May 1, 2002, for up to USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $4,567,500 when the funding is completed. The Company has authorized the sale of 3.5 million common shares at USD$0.185 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. to be issued pursuant to Rule 144. For each share purchased, the subscriber will receive a total of two (2) warrants offering the subscriber a call to purchase 1 additional common share per warrant at USD$0.37 per share until December 31, 2002. The second warrant bears a strike price of USD $0.75 per share until June 30, 2003. The Company can raise an additional $3,620,000 through exercising warrants based on the terms of the agreement. The Company has re-evaluated its core strengths and will continue to focus on the development of therapeutic products using proprietary drug delivery technologies. Management has withdrawn from the proposed acquisition of a privately held US pharmaceutical manufacturing company as announced on March 26, 2002. The acquisition was expected to close last month. The Company has shifted its original strategy of pursuing manufacturing acquisition opportunities to complement existing product lines to a new marketing plan of establishing strategic partners and alliances for manufacturing, licensing and distribution. AlphaRx Inc. is an emerging pharmaceutical company that develops and markets innovative therapeutic products based on its proprietary Bioadhesive Colloidal colloidal of the nature of a colloid. colloidal bath a bath containing gelatin, bran, starch or similar substances, to relieve skin irritation and pruritus. Dispersion (BCD (Binary Coded Decimal) The storage of numbers in which each decimal digit is converted into binary and is stored in a single character or byte. For example, a 12-digit number would take 12 bytes. See binary numbers. ) drug delivery technology. AlphaRx's BCD technology improves the bioavailability bioavailability /bio·avail·a·bil·i·ty/ (bi?o-ah-val?ah-bil´i-te) the degree to which a drug or other substance becomes available to the target tissue after administration. bi·o·a·vail·a·bil·i·ty n. and bioperformance of poorly water-soluble drugs to provide enhanced medical benefits and competitive commercial advantages. For more information on the company visit our website at www.alpharx.com. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security. The shares and warrants have not been registered under the Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from registration requirements. AlphaRx has agreed to file a registration statement covering the resale of the shares and the shares issued upon exercise of the warrants. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 This news release may contain forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involved risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including commercial acceptability of the Company's products, the Company's ability to continue to develop new products and to enhance existing products, the ability of the Company to meet its financial projections, and general economic conditions. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise. |
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