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TSX symbol: SBS
CALGARY, March 3 /CNW/ - SemBioSys Genetics Inc. (TSX:SBS) today announced that it has completed a non-brokered private placement offering of 10,163,398 shares of the Company at a price of $0.175 per share for total gross proceeds to the Company of $1,778,595. The net proceeds of the private placement will be used to fund the ongoing development of its Apo AIMilano and Biosimilar Insulin programs.
"This transaction further strengthens our balance sheet as we continue to advance the development and pursue partners for both the Apo AIMilano and Biosimilar Insulin programs," said James Szarko, President and Chief Executive Officer of SemBioSys.
The securities issued pursuant to the private placement are subject to the Canadian resale rules which include a four-month restricted period before the common shares may become freely-tradeable within Canada.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, a person in the United States or a "U.S. person" (as defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Calgary, Alberta-based SemBioSys is focused on leveraging its unique proprietary platform to manufacture high-value proteins and oils. SemBioSys' seed-based protein production system can provide for its partners product enablement, exceptionally low cost and unprecedented scalability. SemBioSys is applying the platform with high selectivity to products with tremendous clinical promise and value potential. The Company's current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AIMilano, a next-generation cardiovascular therapy. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available at www.sembiosys.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, changing market conditions and market size, the successful initiation and timely and successful completion of clinical studies, the amount of capital expected to be recovered by SemBioSys in connection with the Private Placement, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in the Company's ongoing filings with the Canadian securities regulatory authorities which filings can be found at www.sedar.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.
SOURCE SemBioSys Genetics Inc.
For further information: For further information: SemBioSys Genetics Inc.: Abby Garfunkel, Investor Relations, Phone: (403) 717-4185, E-mail: firstname.lastname@example.org; The Equicom Group Inc.: Ross Marshall, Vice President, Phone: (416) 815-0700 ext. 238, E-mail: email@example.com