Bioxel Pharma in Talks to Complete a $4M Private Placement.STE-FOY, Quebec -- Bioxel Pharma Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BIP BIP - An incorrect singular of BIPS. One billion instructions per second is 1 BIPS, not 1 BIP. ) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announced today that it has entered into a letter agreement with one of itsexisting shareholders for a private placement of $1,250,000 in common shares at a price of $0.34 per share. The investment is subject to the completion of a total private placement of $4M of common shares and other customary conditions, including satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and applicable regulatory approvals, by February 6, 2006. Since the investing shareholder is an insider, this press release serves as a price reservation within the requirements 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. . The Corporation is also planning to issue warrants to purchase 250,000 common shares at an exercise price of $0.34 for a period of two years to the aforementioned investing shareholder in payment for customary working fees. This issue is subject to the approval of the TSX Venture Exchange. The proceeds from the private placement will be used to implement its commercial manufacturing capabilities for semi-synthetic paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); and docetaxel, R&D and for working capital purposes. Moreover, the Corporation announced that it intends to request the repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of the exercise price of 8,041,246 warrants to $0.34 per common share. The warrants were issued as part of the private placement by Bioxel on September 16, 2004 of 8,041,246 Units, each comprised of one common share and one warrant. Such repricing is subject to the approval of the TSX Venture Exchange and the warrantholders. Bioxel Pharma Inc. is an emerging leader in biopharmaceuticals, focused on developing, manufacturing and marketing taxane pharmaceutical ingredients. Taxanes are used in drug products for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. , Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. and cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease . The Corporation sells cGMP paclitaxel and develops a portfolio of other generic taxane APIs and taxane-based proprietary products for improved cancer therapy. This announcement includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. These include risks and uncertainties that could affect Bioxel's products under development such as regulatory factors, technological developments and competitive factors. Achievement of the objectives set forth in this release is subject to these risks and uncertainties. The Corporation's results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the realization of financial projections. The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof. Bioxel Pharma Inc. (TSX VENTURE:BIP) |
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