ID Biomedical Closes Financing Transaction
January 10 2005 - 8:15AM
PR Newswire (US)
ID Biomedical Closes Financing Transaction VANCOUVER, Jan. 10
/PRNewswire-FirstCall/ -- ID Biomedical Corporation (TSX: IDB;
NASDAQ: IDBE) announced today that it has closed its asset backed
loan transaction with Vancouver-based Second City Capital Partners
(SCC) for proceeds of US $60 million. ID Biomedical has used the
proceeds to repurchase approximately 4.9 million subscription
receipts held by Shire BioChem Inc. that were issued in connection
with the Company's acquisition of the vaccine business of Shire
Pharmaceuticals Group, plc. All conditions precedent to this
transaction have now been satisfied and the subscription receipts
have been cancelled. About ID Biomedical ID Biomedical is an
integrated biotechnology company dedicated to the development of
innovative vaccine products. It operates in research, development,
manufacturing, sales and marketing from its facilities in Canada
and in the United States. ID Biomedical is dedicated to becoming a
premier vaccine company with significant marketed products
worldwide and an extensive pipeline in both clinical and
preclinical development. ID Biomedical has a leading position in
the Canadian influenza market. It received a ten-year mandate from
the Government of Canada in 2001 to assure a state of readiness in
the case of an influenza pandemic and provide influenza vaccine for
all Canadians in such an event. It also currently supplies
approximately 75% of the Canadian government's influenza vaccine
purchases. For further information on ID Biomedical, please visit
the Company's website at http://www.idbiomedical.com/. About Second
City Capital Partners Second City Capital Partners is a leading
independent provider of innovative, tailored financial solutions to
mid-market companies in North America. It provides equity and
mezzanine capital for companies in a broad range of industries to
support buyouts, acquisitions, recapitalizations, and organic
growth. The Fund is headquartered in Vancouver, BC, with offices in
Los Angeles and Denver. The Fund targets later stage companies in
the middle market segment with a focus on value opportunities in
Canada, Midwest and Western United States. For additional
information, please visit http://www.secondcitycapital.com/. The
information in this news release contains so-called
"forward-looking" statements. These include statements regarding ID
Biomedical's expectations and plans relating to the closing of the
loan transaction and the repurchase of the subscription receipts
described herein, statements about ID Biomedical's expectations,
beliefs, intentions or strategies for the future, which may be
indicated by words or phrases such as "anticipate", "expect",
"intend", "plan", "will", "we believe", "ID Biomedical believes",
"management believes", and similar language. All forward-looking
statements are based on ID Biomedical's current expectations and
are subject to risks and uncertainties and to assumptions made.
Important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include: (i) the company's ability to successfully
integrate the Shire vaccine business; (ii) the company's ability to
successfully complete preclinical and clinical development of its
products; (iii) the company's ability to manufacture its products;
(iv) the seasonality of the flu-vaccine business and related
fluctuations in the company's revenues from quarter to quarter; (v)
decisions, and the timing of decisions, made by the health
regulatory agencies regarding approval of its products for human
testing; (vi) the company's ability to enter into distribution
agreements for its products, and to complete and maintain corporate
alliances relating to the development and commercialization of its
technology and products; (vii) market acceptance of its
technologies and products; and (viii) the competitive environment
and impact of technological change and other risks detailed in the
company's filings with the Securities and Exchange Commission. ID
Biomedical bases its forward-looking statements on information
currently available to it, and assumes no obligation to update
them. For further information, please contact: Investor Relations /
Media Dean Linden (604) 431-9314 Michele Roy (450) 978-6313
DATASOURCE: ID Biomedical Corporation CONTACT: Investor Relations /
Media, Dean Linden, (604) 431-9314, ; Michele Roy, (450) 978-6313,
; To request a free copy of this organization's annual report,
please go to http://www.newswire.ca/ and click on reports@cnw.
Copyright