/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
MONTREAL, Dec. 13 /CNW/ - ConjuChem Biotechnologies Inc. (the
"Corporation") (TSX:CJB) today announced that it has closed its previously
announced bought deal of 22,000 Units representing gross aggregate proceeds of
$22,000,000 to the Corporation. Each Unit consists of $1,000 principal amount
of 8.00% convertible unsecured subordinated debentures (the "Debentures") and
1,562.5 common shares purchase warrants (the "Warrants"). The Debentures
mature on December 31, 2010 and are convertible into common shares at any time
prior to maturity at a conversion price of $0.16 per share. Each Warrant is
exercisable until December 31, 2011 at a purchase price of $0.25 per share.
The offering was made through a syndicate of underwriters led by Dundee
Securities Corporation and included Cormark Securities Inc., Macquarie Capital
Markets Canada Ltd. and Versant Partners Inc.
The net proceeds of the offering will be used for the advancement of the
Corporation's PC-DAC(TM):Exendin-4 for Type 2 diabetes, working capital and
general corporate purposes.
As previously announced, as part of the offering, ConjuChem has redeemed
the outstanding Series 1 and Series 2 convertible notes held by Baker Bros.
utilizing the funds previously held in escrow for this purpose.
THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY THE SECURITIES, NOR SHALL THERE BE ANY SALE OF
THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
About ConjuChem Biotechnologies
ConjuChem, developer of next generation medicine from therapeutic
peptides, is creating long-acting compounds based on bioconjugation platform
technologies. When applied to peptides, the Corporation's systemic DAC(TM) and
PC-DAC(TM) technologies enable the creation of new drugs with significantly
enhanced therapeutic properties as compared to the original peptide. A
detailed description of the Corporation can be viewed on the Corporation's
website at www.conjuchem.com.
Some of the statements made herein may constitute forward-looking
statements. These statements relate to future events or our future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause ConjuChem's actual results, performance or achievements
to be materially different from those expressed or implied by any of the
Corporation's statements. Actual events or results may differ materially. We
disclaim any intention, and assume no obligation, to update these
For further information:
For further information: Lennie Ryer, CA, Vice President Finance, CFO,
ConjuChem Biotechnologies, Inc., (514) 844-5558 ext 224, firstname.lastname@example.org;
James Smith, Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080,