Biophage Pharma Announces Private Placement.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Biophage Pharma Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BUG.V), a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. biopharmaceutical company today announced a private placement (the "Offering") of 4,796,635 units ("Units") at a price of $0.104 per Unit for aggregate proceeds of $498,850. Each Unit is comprised of one common share (a "Common Share") and a 0.30 common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder thereof to purchase one Common Share at a price of $0.25 each at any time within 24 months from the closing date of the Offering (the "Closing"). The Offering will be made in reliance on applicable private placement exemptions and is expected to close on or about August 12, 2004. The Corporation is planning to apply the 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 the Offering towards accelerating the development of advanced therapeutic and diagnostic applications for phage phage: see bacteriophage. phage - A program that modifies other programs or databases in unauthorised ways; especially one that propagates a virus or Trojan horse. See also worm, mockingbird. The analogy, of course, is with phage viruses in biology. products and for working capital purposes. "We are extremely pleased to have several investors, including Canadian and Americans participating in this financing. The funds received will allow Biophage to pursue its objectives and meet its milestones on a timely basis. Biophage has recently refocused its business strategy and it is very clear that the investors understood the importance of Biophage's development programs and we look forward to working with them in the years to come. Our focus on the properties of phages has allowed us to develop powerful new approaches in the diagnostic arena as well as in the areas of AgBio and Bio-terrorism," said Dr. Rosemonde Mandeville Mandeville (man`də vil), town (1991 pop. 39,945), C Jamaica, at an altitude of c.2,000 ft (610 m). Mandeville is an inland resort town known for its cool climate and quiet, English character. , Biophage's President and Chief Executive Officer. The Offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . Carpe DM, Inc., a business development firm for leading medical and technology companies has provided certain American investor contacts to Biophage in connection with the Offering. As such, it will receive a fee of $27,920 and 40,000 non-transferable warrants, each warrant entitling its holder to purchase one Common Share at a price of $0.13 for a period of 18 months following the Closing. Biophage Pharma Inc. is a Canadian biopharmaceutical company developing new therapeutic and diagnostic products using phage-based technology. Founded in 1995, Biophage is located at the Biotechnology Research Institute in Montreal and employs 16 people, including a team of 13 researchers. Through an active research and development program, as well as in-licensing and collaboration Working together on a project. See collaborative software. agreements, Biophage is building a portfolio of promising new therapeutic and diagnostic products (www.biophage.com). The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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