Phage Therapeutics International Inc. Announces the Completion of Financing and Research and Collaborative Agreements for Tuberculosis Project.Business Editors BOTHELL, Wash.--(BUSINESS WIRE)--May 29, 2001 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. Therapeutics International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PTXX) (the "Company") wishes to announce that the second step of the transaction contemplated by the Securities Purchase Agreement dated as of Oct. 23, 2000, as amended on Jan. 15, 2001 (the "Agreement") has been completed. Pursuant to the terms of the Agreement, seven purchasers agreed to invest an additional $1.5 million in the Company in exchange for 2,142,857 Units. Each "Unit" consists of one share of the Company's common stock ("Common Stock") and one Common Stock purchase warrant (the "Warrant"). Each one and a half Warrants entitles the holder to acquire one additional share of Common Stock of the Company at an exercise of $0.70 per share. The Company also wishes to announce that is has finalized a series of collaborative research and development agreements relating to the Company's tuberculosis product development project. The Company currently has agreements in place with Luiz E. Bermundez, MD (California Pacific Medical Center California Pacific Medical Center (CPMC) is one of the largest private, not-for-profit, academic medical centers in Northern California. The Medical Center is a combination of three of San Francisco's oldest medical institutions: Pacific Presbyterian Hospital, Children's Hospital Research Institute, Kuzell Institute for Arthritis and Infectious Diseases, San Francisco, CA), in affiliation with Raul G. Barletta, Ph.D. (University of Nebraska. Lincoln, NB), and Seymour Froman, Ph.D. (Olive View-UCLA Education and Research Institute, UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX School of Medicine). These collaborative agreements will dramatically improve the Company's biopharmaceutical development efforts as it moves to develop a new bacteriophage therapeutic agent for the treatment of antibiotic-sensitive and antibiotic-resistant forms of tuberculosis (TB and MDRTB) and other human and animal diseases caused by Mycobacteria mycobacteria members of the genus Mycobacterium. anonymous mycobacteria see opportunist (atypical) mycobacteria (below). nontubercular mycobacteria see opportunist (atypical) mycobacteria (below). . The Company has expanded its tuberculosis biopharmaceutical development program by establishing a collection of clinical isolates to TB and MDRTB from the key geographic regions of the world where tuberculosis represents a major public health challenge. The emerging bacteriophage product candidate for TB is currently in early stages of manufacturing and pharmaceutical development. "The addition of Dr. Bermudez, Dr. Barletta and Dr. Froman to the collaborative research team will greatly enhance Phage's efforts to commercialize it's products and to assist in the treatment of patients stricken with antibiotic-resistant strains of TB and MDRTB," stated Dr. Richard Honour the Company's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Currently, the Company has 13,138,301 shares issued and outstanding. Phage Therapeutics International Inc. is a Florida corporation, doing business in Washington State, formed to develop, manufacture and achieve regulatory approval of bacteriophage pharmaceutical products for the treatment of antibiotic-resistant and other bacterial infections. For Investor Relations Investor relations The process by which the corporation communicates with its investors. information, please contact: Chris Tomanik, 888/224-4144 Phage Therapeutics International, Inc. "Darren Pylot" Darren Pylot, CFO See Chief Financial Officer. & Director The SEC and NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). have not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Forward-looking statements and comments in this press release are made pursuant to safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Exchange Act of 1934. Certain statements which describe the Company's intentions, expectations or predictions, are forward-looking and are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the impact of rapid technological and market change; general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ; international growth and global economic conditions, particularly in emerging markets and including interest rates and currency exchange rate fluctuations; and the impact of consolidations in the technology industry. These risks may further be discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion