LAVAL, QC, June 18 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX, TSX: NRM)
announced today that it has given notice of mandatory conversion into common
shares of Neurochem of the full remaining balance of the US$40 million of 5%
senior subordinated convertible notes (also known as "junior convertible
notes") issued in a private placement previously announced on May 2, 2007.
The notes will be converted at a conversion price equal to the lesser of
US$12.68 and the arithmetic average of the daily volume-weighted average
trading price of the common shares on NASDAQ for each of the five days in the
five trading day period beginning on June 15, 2007 , subject to a minimum
conversion price of US$9.00.
Since the closing of the private placement on May 2, 2007, US$33,644,000
aggregate principal amount of junior convertible notes have been converted
into 3,738,223 common shares of Neurochem Inc. at a conversion price of
US$9.00. Neurochem has given notice that the remaining balance of US$6,356,000
aggregate principal amount of the junior convertible notes will be converted
into approximately 706,222 common shares.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any securities of Neurochem and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or
sale is unlawful.
Neurochem Inc. is focused on the development and commercialization of
innovative therapeutics to address critical unmet medical needs. Eprodisate
(KIACTA(TM)) is currently being developed for the treatment of Amyloid A (AA)
amyloidosis, and is under regulatory review for marketing approval by the US
Food and Drug Administration, European Medicines Agency and Swissmedic.
Tramiprosate (ALZHEMED(TM)), for the treatment of Alzheimer's disease, has
completed a Phase III clinical trial in North America and is currently in a
Phase III clinical trial in Europe, while tramiprosate (CEREBRIL(TM)), for the
prevention of Hemorrhagic Stroke caused by Cerebral Amyloid Angiopathy, has
completed a Phase IIa clinical trial.
To Contact Neurochem
For additional information on Neurochem and its drug development
programs, please call the North American toll-free number 1-877-680-4500 or
visit our Web Site at: www.neurochem.com.
Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Neurochem's
control. Such risks include but are not limited to: the impact of general
economic conditions, general conditions in the pharmaceutical industry,
changes in the regulatory environment in the jurisdictions in which Neurochem
does business, stock market volatility, fluctuations in costs, and changes to
the competitive environment due to consolidation, that actual results may vary
once the final and quality-controlled verification of data and analyses has
been completed, as well as other risks disclosed in public filings of
Neurochem. Consequently, actual future results may differ materially from the
anticipated results expressed in the forward-looking statements. The reader
should not place undue reliance, if any, on the forward-looking statements
included in this news release. These statements speak only as of the date made
and Neurochem is under no obligation and disavows any intention to update or
revise such statements as a result of any event, circumstances or otherwise.
Please see the Annual Information Form for further risk factors that might
affect the Company and its business.
For further information:
For further information: Lise Hébert, PhD, Vice President, Corporate
Communications, (450) 680-4572, Fax: (450) 680-4501, firstname.lastname@example.org