/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
- Full allocation of exercised rights
- Gross proceeds raised of C$38
million (or US$ 28.4
million)
LAVAL, QC, ROCKVILLE, MD and CAMBRIDGE, United Kingdom, June 17, 2019 /CNW Telbec/ - Prometic
Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("Prometic"
or the "Corporation") is pleased to confirm the completion of
its previously announced equity rights offering, raising aggregate
gross proceeds of C$37,998,000 (or
the equivalent of US$
28,357,000) (the "Rights Offering"). Following
the Rights Offering, 23,218,813,405 common shares of the
Corporation are issued and outstanding.
"We appreciate the financial support of our shareholders,
including many of our employees, as we continue to strengthen our
financial position to enable an expansion of our R&D efforts,"
stated Kenneth Galbraith, Chief
Executive Officer of Prometic. "We look forward to reporting
further progress on our R&D and business activities to our
shareholders in the months ahead, including the completion of the
filing of our registration statement to list our common shares for
trading on NASDAQ."
Together with the prior equity transaction completed in
April 2019 with the participation of
Structured Alpha LP and Consonance Capital Management, the Company
has now raised new equity under the restructuring transaction
resulting in combined gross proceeds of approximately C$ 112.5 million (or the equivalent of
US$ 85 million) to fund the
Corporation's ongoing and expanded research and development
program, further strengthen and expand its intellectual property
portfolio and for general working capital. More specifically,
Prometic will use the gross proceeds of the Rights Offering to
finance ongoing operations which include the plasma-derived
therapeutics segment, small molecule therapeutics segment and
corporate functions. Considering Prometic has significant
short-term liquidity requirements, it intends to spend the
available funds as stated and may reallocate funds only for sound
business reasons. Further information is available under the
section "How will we use the available funds?" of the Rights
Offering Circular dated May 24, 2019.
Pursuant to the Rights Offering, an aggregate of 2,498,207,953
common shares were issued out of a maximum offering of
4,931,554,664 common shares. Structured Alpha LP, the Corporation's
control person, as well as existing shareholder, Consonance Capital
Management, did not exercise any of their rights under the Rights
Offering, and therefore all rights exercised were fully allocated.
No common shares were issued under any stand-by commitment.
Prometic has not retained any dealers to organize or participate in
the solicitation of the exercise of rights under the Rights
Offering and it does not intend to pay any fees or commissions
relating to the solicitation of the exercise of rights in
connection with the Rights Offering.
Forward-Looking Statements
Certain information provided in this news release constitutes
forward-looking statements, including the intention of the
Corporation to complete the Rights Offering, the amount of proceeds
from the Rights Offering and the use of such proceeds. The words
"anticipate", "expect", "project", "estimate", "forecast" and
similar expressions are intended to identify such forward-looking
statements. Although Prometic believes that these statements are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of known and unknown risks and uncertainties. You can find a
discussion of such risks and uncertainties in our Rights Offering
Circular, Annual Information Form and other securities filings.
While the Corporation makes these forward-looking statements in
good faith, should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary significantly from those expected.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Corporation
will derive therefrom. All subsequent forward-looking statements,
whether written or oral, attributable to Prometic or persons acting
on its behalf are expressly qualified in their entirety by these
cautionary statements. The forward-looking statements contained in
this news release are made as at the date of this news release and
the Corporation does not undertake any obligation to update
publicly or to revise any of the forward-looking statements made
herein, whether as a result of new information, future events or
otherwise, except as may be required by applicable securities
law.
About Prometic
Prometic (www.prometic.com) is an innovative biopharmaceutical
corporation with a broad pipeline of small molecule therapeutics
under development to treat unmet needs in patients with liver,
respiratory and kidney disease, including rare diseases. Prometic's
differentiated research involves the study of two
G-protein-coupled-receptors, GPR40 and GPR84. These drug candidates
have a dual mode-of-action as agonists ("stimulators") of GPR40 and
antagonists ("inhibitors") of GPR84. Our lead drug candidate,
PBI‑4050, is expected to enter Phase 3 clinical studies for the
treatment of Alström Syndrome in 2019. A second drug candidate,
PBI-4547, is expected to enter Phase 1 clinical studies in 2019.
Prometic also has leveraged its experience in bioseparation
technologies to isolate and purify biopharmaceuticals from human
plasma. The lead plasma-derived therapeutic product is
RyplazimTM (plasminogen) which the Company expects to
file a BLA with the US FDA in 2019 seeking approval to treat
patients with congenital plasminogen deficiency. The Corporation
also operates a contract development and manufacturing operation in
the United Kingdom, deriving
revenue through sales of affinity chromatography media.
Prometic has active business operations in Canada, the United
States, the Isle of Man and
the United Kingdom.
Note: Amounts shown in US$ were calculated using a currency rate
of 1.34 for the Canadian dollar equivalent on June 14, 2019.
SOURCE ProMetic Life Sciences Inc.