Bio-Bridge Science, Inc. Closes on Preferred Stock Financing.OAK BROOK, Ill. -- Bio-Bridge Science, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BGES BGES Belgian Group for Endoscopic Surgery ) a developer of vaccines with broad preventative and therapeutic applications, is pleased to announce that the Company has closed a private placement of 4,000,000 shares of Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and 3,000,000 warrants to certain investors for aggregate gross proceeds of $3,000,000. The warrants are immediately exercisable at $1.00 per share and are exercisable at any time within three years from the date of issuance. The proceeds that the Company will receive if the investors exercise all these warrants will also be $3,000,000. The financing will be used to continue to fund Bio-Bridge's strategic initiatives, including vaccine development activities and acquisition moves in China. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to the effectiveness of a registration statement or an applicable exemption from the registration requirements of the Securities Act. Bio-Bridge has agreed to file a registration statement covering resale of the securities by the private placement investors. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities. About Bio-Bridge Science: Bio-Bridge Science (http://www.bio-bridge-science.com/) is a biotechnology company focused on the development of vaccines with broad therapeutic and preventive applications. Bio-Bridge is developing a promising new HIV Vaccine HIV vaccine AIDS As of mid-2005, there is no viable anti-HIV vaccine. See AIDS. that is expected to enter clinical trials in the near future in China. The vaccine, based on a technology exclusively licensed from Loyola University Chicago Beginnings and expansions Founded in 1870 as the St Ignatius College on Chicago's West Side. In 1908 the School of Law was established as the first of the professional programs. , targets infection in mucosal tissues, which is a unique approach to prevent and treat HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. infection. Bio-Bridge Science's GMP GMP (guanosine monophosphate): see guanine. facility will also be used to develop vaccines against cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. and colon cancer colon cancer, cancer of any part of the colon (often called the large intestine). Colon cancer is the second most common cancer diagnosed in the United States. under the same technology platform. The company plans to develop these vaccines in the United States and Japan in the future. Bio-Bridge also plans to acquire vaccine-producing and profit-generating companies in China to diversify the Company's product portfolio, to gain additional skillful labor, and to establish sales channels. Forward Looking Statements: This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Please refer to SEC filings for additional information. |
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