Cortecs International raises 46 million pounds in successful international institutional offering.LONDON--(BUSINESS WIRE)--June 4, 1996--Cortecs International ("Cortecs") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DLVRY/LSE:COR/ASX:CRI CRI constant-rate infusion. ) today announced that it successfully completed a 46 million pounds international private placement of 12.5 million Ordinary Shares and priced at UK 365 pence per share, placed with institutions in the UK, Europe, Japan, and the Far East. The new shares, which rank pari passu [Latin, By an equal progress; equably; ratably; without preference.] Used especially to describe creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other. PARI PASSU. By the same gradation. in all respects with the existing Ordinary Shares with respect to both capital and dividends, were not offered or sold in the U.S. where the Company's ADRs are quoted on NASDAQ. Earlier this year, the Company announced positive Phase II trials for its oral delivery technology for Calcitonin calcitonin /cal·ci·to·nin/ (-to´nin) a polypeptide hormone secreted by C cells of the thyroid gland, and sometimes of the thymus and parathyroids, which lowers calcium and phosphate concentration in plasma and inhibits bone resorption. , which is used in the treatment of osteoporosis, and positive results for its open Phase I/II trials for its oral therapeutic vaccine against Pseudomonas aeruginosa, the organism responsible for 90% of the deaths in cystic fibrosis. Cortecs' therefore now has two potential therapeutic oral delivery platforms and it is intended that the funds raised will be primarily applied to bringing forward and developing the main therapeutic platforms of oral delivery of peptides, such as calcitonin and oral delivery of therapeutic vaccines which do not use antibiotics, including completing U. S. trials of oral calcitonin following the grant of Cortecs' Investigational New Drug (IND) application there, taking two further proteins into human studies with Cortecs' oral peptide delivery systems and extending the oral Pseudomonas Pseudomonas A genus of gram-negative, nonsporeforming, rod-shaped bacteria. Motile species possess polar flagella. They are strictly aerobic, but some members do respire anaerobically in the presence of nitrate. therapeutic vaccine Phase II studies into Europe this year. The shares to be issued have not been and will not be registered under the U.S. Securities Act of 1933 or under the securities laws of any state of the United States and may not be offered or sold in the United States absent such registration or an applicable exemption from such registration requirements. Cortecs is a British-based company quoted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. and on NASDAQ. The Company specializes in the development of new pharmaceutical delivery systems and point-of-care rapid diagnostics and also markets a range of ethical and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). medicines and diagnostic products. CONTACT: Mr. Glen Travers, Chairman Mr. Jonathan Pockson, Group Finance Director Cortecs International 011 44 181 568-7071 or Zena Bates/Ms. Lisa Baderoon Buchanan Communications 011 44 171 489-1441 or Van Negris Kehoe, White, Savage & Co., Inc. 212/888-1616 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion