Biophage Pharma Closes A $552,030 Private Placement.MONTREAL -- Biophage Pharma Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BUG), 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, is pleased to announce the closing of its private placement totaling $552,030, in consideration of 5,307,981 units at a price of $0.104 per unit. The proceeds from the private placement will be used by the Corporation for 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. "This financing will allow us to pursue our aggressive development strategy we have previously announced and will serve to strengthen our financial position," said Dr. Rosemonde Mandeville, Biophage's President and Chief Executive Officer. "The primary use of the proceed will be to maintain the progress of the company lead compounds and will allow us to complement our strong internal research with creative external alliances in order to accelerate market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of our first diagnostic product based on Nanobiotechnology," added Dr. Mandeville. As a result of this private placement, 5,307,981 additional common shares have been issued and warrants to purchase up to 1,592,395 common shares have been granted. In connection with the offering, Carpe DM, Inc. a business development firm for leading medical and technology companies, will receive a fee of $31,642 and 40,000 non-transferable warrants at an exercise price of $0.13. The common shares issued or issuable pursuant to this private placement are subject to a resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. restriction until December 18, 2004. 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 agreements, Biophage is building a portfolio of promising new therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. (www.biophage.com). 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. does not accept responsibility for the adequacy or accuracy of this release. |
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