ORBIMED ACQUIRES STAKE IN METHYLGENE INC.

MONTREAL, April 4 /CNW Telbec/ - OrbiMed, a leading investment management firm focused on the healthcare sector, announces the purchase by way of a private placement of 40,225,261 units ("Units") of MethylGene Inc. ("MethylGene"), a Montreal based clinical-stage biopharmaceutical company that develops novel therapeutics for cancer and infectious disease, at a subscription price of $0.1243 per Unit. Each Unit consists of one common share of MethylGene ("Common Share") and thirty one-hundredths (0.30) of a common share purchase warrant of MethylGene ("Warrant"). Each whole Warrant will entitle the holder to acquire one additional Common Share and is exercisable for a period of five years from the date of issuance, at an exercise price of $0.1492 per Common Share. The total purchase price was approximately $5,000,000 and the private placement was successfully completed on April 4, 2011.

Upon completion of the private placement, the OrbiMed entity, OrbiMed Private Investments IV, LP, held 40,225,261 Common Shares and 12,067,578 Warrants resulting in ownership of approximately 13%, on a fully diluted basis, of MethylGene.

The Common Shares and Warrants were acquired for investment purposes, and OrbiMed Private Investments IV, LP may acquire further Common Shares and/or Warrants, or dispose of its holdings of Common Shares and/or Warrants, as investment conditions warrant.  The Common Shares and Warrants were acquired pursuant to section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions as OrbiMed Private Investments IV, LP satisfies the definition of an 'accredited investor' under securities legislation.

OrbiMed has its head office at 767 Third Avenue, 30th Floor, New York, NY 10017. For further information, including a copy of the early warning report, please contact Alex Cooper at (212) 739-6400.

SOURCE ORBIMED ADVISORS, LLC

For further information:

Alex Cooper
(212) 739-6400

Profil de l'entreprise

ORBIMED ADVISORS, LLC

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