Bionutrics Announces $5.3 Million Private Placement.PHOENIX--(BW HealthWire)--Nov. 6, 1997-- Funds to Further evolvE(TM) Marketing, New Equipment Purchases and Research and Development of Dietary Supplements Noun 1. dietary supplement - something added to complete a diet or to make up for a dietary deficiency diet - a prescribed selection of foods vitamin pill - a pill containing one or more vitamins; taken as a dietary supplement , Food Additives food additives, substances added to foods by manufacturers to prevent spoilage or to enhance appearance, taste, texture, or nutritive value. By quantity, the most common food additives are flavorings, which include spices, vinegar, synthetic flavors, and, in the and Drug Products Bionutrics, Inc. (BNRX) today announced that it has arranged the sale of 662,500 new shares of restricted common stock in a Reg REG, n.pr See random event generator. . D offering at $8 per share to investors including two members of the Company's Board of Directors, for $5.3 million. This brings the total number of shares outstanding to approximately 18.3 million. Proceeds from the offering are to be used for; 1) marketing evolvE(TM) the Company's recently introduced, patented natural dietary supplement that helps maintain cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. health, 2) improving manufacturing efficiencies; and 3) funding ongoing research for dietary supplements, functional food additives and drug products. Bionutrics Chairman and 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. , Ronald H. Lane, Ph.D. described this latest financing as another important milestone for Bionutrics in its growth as a biopharmaceutical company: "I am personally encouraged by the continued investment support from our Board of Directors and our ever growing shareholder base. The recent launch of evolvE(TM), our first dietary supplement brand made from rice bran, is just the first step in our plan to focus on the development of products derived from novel, biologically active natural compounds. These will include ethical drugs and functional food additives in addition to other dietary supplements. Our business plan calls for using revenues from the sale of evolvE(TM), as its distribution expands, to help fund our research and development activities. The company expects additional revenues from the sale of rice by-products generated from the manufacturing process, including non-edible oils, commodity animal feed ingredients and refined rice bran oil Rice bran oil is the oil extracted from the germ and inner husk of rice. It is notable for its very high smoke point of 490° F (254° C) and its mild flavor, making it suitable for high-temperature cooking methods such as stir frying and deep frying. . These measures will help in generating revenues and in managing risk as we move into the development of drugs and functional foods." William W. McCormick, Vice Chairman of Bionutrics, who participated in the private placement, stated that, "This latest round of financing, in combination with our recently announced acquisition of InCon Technologies, Inc., an expert in the field of high vacuum distillation Vacuum distillation is a method of distillation whereby the pressure above the liquid mixture to be distilled is reduced to less than its vapor pressure (usually less than atmospheric) causing evaporation of the least volatile liquid(s) (those with the highest boiling points). and other molecular separation technology, will permit the Company to continue to build value and revenues." CONTACT: Bionutrics, Inc. Ronald H. Lane, Ph.D., 602/508-0112 or Bionutrics Health Products Sandra Gotham Meehan, 212/628-6810 or The Investor Relations Investor relations The process by which the corporation communicates with its investors. Company Tom Laughran, 847/564-5610 |
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