Norwood Placement Raises $4.13 Million.Business Editors & Health/Medical Writers MELBOURNE, Australia--(BUSINESS WIRE)--Sept. 9, 2002 Norwood Abbey Ltd. (ASX ASX See: Australian Stock Exchange :NAL NAL National Agricultural Library (Agricultural Research Service; US Department of Agriculture) NAL New American Library NAL National Accelerator Laboratory NAL National Aerospace Laboratory (Japan) ) today announced that it has completed a placement raising $4.13 million. Investors participating include Australian and U.S. institutions and professional investors. The placement has been made through Emerging Growth Capital Pty Ltd, ABN Amro, and Burdett Buckeridge & Young. The placement involves the issue of approximately 6.9 million ordinary shares at a subscription price of A$0-60 per share. For each two shares subscribers receive one option to subscribe for a further ordinary share at A$1-100 on or before December 31, 2003 and one option to subscribe for a further ordinary share at A$1-20 on or before December 31, 2003. The capital raising further strengthens the Company's financial position as it progresses the commercialization of its projects. The capital raising provides Norwood with the necessary funding to complete the commercialization of its laser device technology and to meet recurring operating costs during 2002-2003. "We are very pleased to have effected this fund raising especially in light of the difficult capital markets environment," said Peter Hansen, executive chairman. "Proceeds will be used primarily to finance the manufacturing and commercialization of our laser drug delivery device in North America, and for general corporate purposes." Mr. Hansen continued, "As previously announced, Norwood has partnered with privately-held Ferndale Laboratories, based in Detroit, Michigan, to commercialize our laser project in respect to the delivery of their Ela-Max(R) topical anaesthetic an·aes·thet·ic adv. & n. Variant of anesthetic. anaesthetic or US anesthetic Noun a substance that causes anaesthesia Adjective causing anaesthesia . The Company is awaiting U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) marketing approval for this system. Our studies have shown that use of the laser can shorten the onset of anesthesia with Ela-Max(R) from around one hour to approximately five minutes." ABOUT NORWOOD ABBEY Norwood Abbey Ltd. is a drug delivery and immunology company with three proprietary delivery platforms in various stages of commercialization and development. Its delivery technologies include laser-assisted delivery, micro-needle arrays and pressure wave technology for the transfer of both drugs and genetic material. In addition, the Company holds patent applications for the use of Gonadotropin gonadotropin /go·nado·tro·pin/ (-tro´pin) any hormone that stimulates the gonads, especially follicle-stimulating hormone and luteinizing hormone. Releasing Hormone (GnRH) analogue drugs in the regrowth Re`growth´ n. 1. The act of regrowing; a second or new growth. The regrowth of limbs which had been cut off. - A. B. Buckley. of the Thymus gland thymus gland (thī`məs), mass of glandular tissue located in the neck or chest of most vertebrate animals. In humans, the thymus is a soft, flattened, pinkish-gray organ located in the upper chest under the breastbone. and production of new T cells T cells A type of white blood cell produced in the thymus gland. T cells are an important part of the immune system. Infants born with an underdeveloped or absent thymus do not have a normal level of T cells in their blood. . GnRH drugs are already approved for the treatment of prostate and breast cancer and have been available on the market for many years. For further information about Norwood, visit the Company's web site at www.norwoodabbey.com. |
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