LAVAL, QC, July 6, 2017 /PRNewswire/ - Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("Prometic" or the "Corporation") announced today that it has closed
In addition, Prometic completed a concurrent, non-brokered private placement of 5,045,369 common shares of the Corporation at a price of $1.70 per common share (the "Private Placement") with SALP, an investment vehicle of Peter J. Thomson, following the exercise by SALP of its pre-emptive right to participate in any future public offering of Prometic's common shares. The $8.6 million in proceeds from the Private Placement were used to offset and reduce the total amount owed by Prometic to SALP pursuant to their loan agreement dated April 27, 2017.
Commenting on the closing of these financings, Mr. Pierre Laurin, Prometic's President and Chief Executive Officer said: "Expanding our institutional investor base in the U.S. is an important objective of ours. This financing has provided us the opportunity to have renowned life sciences specialist funds invest in the Prometic story as we prepare for the commercial launch of plasminogen. We are also pleased to have again received support from SALP who have continued to demonstrate their commitment as a strategic, long-term investor in Prometic through the Private Placement."
The securities in the Offering were sold pursuant to a prospectus in Canada and under private resale exemptions from the U.S. Securities Act in the United States, and the securities in the Private Placement were sold on a private placement basis. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities in any jurisdiction.
About Prometic Life Sciences Inc.
Prometic Life Sciences Inc. (www.prometic.com) is a long established biopharmaceutical company with globally recognized expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development. Prometic is active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. A number of plasma-derived and small molecule products are under development for orphan drug indications. Prometic also offers its state of the art technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders and uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics and orphan drugs. Headquartered in Laval (Canada), Prometic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and commercial activities in the U.S., Canada, Europe, Russia, Australia and Asia.
Forward Looking Statements
This press release contains forward-looking statements about Prometic's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, our ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, obtaining regulatory approvals, the availability of funds and resources to pursue research and development projects, the successful and timely completion of clinical studies, our ability to take advantage of business opportunities in the pharmaceutical industry, our reliance on key personnel, collaborative partners and third parties, our patents and proprietary technology, our ability to access capital, the use of certain hazardous materials, the availability and sources of raw materials, our manufacturing capabilities, currency fluctuations, the value of our intangible assets, negative operating cash flow, legal proceedings, uncertainties related to the regulatory process, increased data security costs, costs related to environmental safety regulations, competition from existing treatments, as well as from current and future competitors, developing products for the indications we are targeting, market acceptance of our product candidates by patients, doctors and clinicians, including as it relates to the availability of third-party reimbursement, general changes in economic conditions and other risks related to our industry. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations in our Annual Information Form for the year ended December 31, 2016, under the heading "Risk and Uncertainties related to Prometic's business". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless indicated otherwise.
SOURCE ProMetic Life Sciences Inc.
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