GammaCan Consummates Initial Investment of $500,000 with an Option of up to $2.5 Million Financing Through Sal. Oppenheim jr. &
November 15 2005 - 3:00PM
Business Wire
Company Closes on Initial $500,000 Dedicated to Continuing Ongoing
Phase II Trial Activity of GCAN 101 for Metastatic Cancer and to
Consummate Joint Ventures and Strategic Alliances GammaCan
International (OTC BB: GCAN), a developer of immunotherapies for
cancer and other diseases, consummated an initial investment of
$500,000.00, by Sal. Oppenheim jr. & Cie. (Switzerland) Ltd.,
with an option for them to invest an additional $2 million in
accordance with a private placement which closed on October 31,
2005. Details of the transaction have been publicly disclosed in a
Form 8-K filed with the Securities and Exchange Commission on
November 3, 2005. The use of proceeds will include the continuation
of the Company's Phase II clinical trial of GCAN 101 for the
treatment of metastatic cancer. Additionally, the Company is
pursuing key strategic alliances and joint ventures to further the
product pipeline for which the funds will be utilized. "We are
pleased to have secured these initial funds which will allow us to
continue our clinical trial activity and potentially open other
sites," stated Vered Caplan, CEO. "Sal. Oppenheim jr. & Cie.
(Switzerland) Ltd, is the Swiss Branch of the largest German
Private Bank. Clients of the Bank took down a private placement in
the company," stated the Bank representative. "Sal. Oppenheim jr.
& Cie. (Switzerland) Ltd represents a strong partner for
Gammacan. Their professionalism and understanding of our goals, we
believe, will lead to a long-term relationship that could be very
beneficial to the Company as it moves ahead," stated Chaime Orlev,
Chief Financial Officer. About GammaCan: GammaCan is focusing on
the commercialization of a revolutionary anti-cancer immunotherapy
that the Company believes will be proven to be effective in
reducing the metastatic spread of a wide range of cancers.
GammaCan's proposed treatment is based on IVIG, a safe, relatively
non-toxic human plasma-based product, currently used to treat a
variety of immune deficiencies and autoimmune diseases. It works by
strengthening the patient's immune system. Many experts currently
view immunotherapy as a future alternative to today's standard
chemotherapy. Approximately twenty companies produce IVIG, and
annual worldwide sales are currently in excess of 50 metric tones
with an estimated value in excess of 1.5 billion USD. IVIG is
commonly used to treat certain autoimmune diseases and blood
disorders and to replace the antibodies in people who are unable to
produce them. For more information about GammaCan visit
www.gammacan.com or call the company's headquarters in Givat
Shmuel, Israel at 972 3 5774475. Safe Harbor Statement: Statements
in this document that are not purely historical are forward-looking
statements. Forward-looking statements in this release include
statements regarding: the commercialization of an anti-cancer
immunotherapy and the Company developing the boosting of cancer
patients' immune systems with IVIG into an effective treatment.
Actual outcomes and the Company's actual results could differ
materially from those in such forward-looking statements. Factors
that could cause actual results to differ materially include risks
and uncertainties such as the inability to finance the planned
development of the technology, inability to hire appropriate staff
to develop the technology, unforeseen technical difficulties in
developing the technology, inability to obtain regulatory approval
for human use, competitors' therapies proving more effective,
cheaper or otherwise preferable for consumers, inability to market
the product we produce, among other factors, all of which could
among other things, delay or prevent product release or cause our
company to fail. For further risk factors see the risk factors
associated with other early stage medical research and development
companies filed with the SEC on Edgar.
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