ISOTECHNIKA PHARMA ANNOUNCES CONVERSION OF CONVERTIBLE DEBENTURE
EDMONTON, Nov. 17 /CNW/ - Isotechnika Pharma Inc. announces it has recently received a notice from 3SBio, Inc. to convert the remainder of the convertible debenture issued on August 23, 2010. Under the notice received from 3SBio, Inc., the remaining debenture amount of US$2.58 million was converted into Common Shares pursuant to the terms of the debenture certificate. As a result, the company issued 17,516,000 Common Shares at CDN$0.155 per Common Share to 3SBio, Inc. The Common Shares are subject to a four month plus one day hold which commenced on August 23, 2010. The initial debenture issued for US$4.5 million has now been fully converted to Common Shares and 3SBio, Inc. owns approximately 18.8% of the issued and outstanding shares of the Company.
About Isotechnika Pharma Inc.
Isotechnika Pharma Inc. is a biopharmaceutical company focused on the discovery and development of immunomodulating therapeutics that are designed to offer key safety advantages over other currently available treatments. It is estimated that the market potential will be $3.0 billion annually in sales for calcineurin inhibitors such as voclosporin in 2010.
Isotechnika Pharma Inc. and 3SBio, Inc. announced the signing of a development and commercialization agreement for voclosporin on August 24, 2010. Voclosporin is a next generation calcineurin inhibitor being developed for use in the prevention of organ rejection following transplantation and the treatment of autoimmune diseases. This transaction provided Isotechnika with proceeds of US$6 million. Isotechnika received an upfront non-refundable licensing payment of US$1.5 million with an additional US$4.5 million invested by 3SBio through a convertible debenture. Under the terms of the agreement, Isotechnika granted 3SBio exclusive rights to all transplant and autoimmune indications of voclosporin in China, including Hong Kong and Taiwan.
We seek Safe Harbor.
%SEDAR: 00028600EFor further information:
|Dr. Robert Foster |
President & CEO
|Mr. Dennis Bourgeault|
Chief Financial Officer