EDMONTON, July 27 /CNW/ - Cyplasin Biomedical (CPBM: OTCBB and XYI1:FRA) is a product-oriented, specialty pharmaceutical company focused on developing products for the multi-billion dollar hepatitis C virus (HCV) market. The Company is pleased to announce that it has secured US$10 Million in financing under an equity line of credit (ELOC) with Tangiers Investors, LP ("Tangiers") to fund the Company's operations and product development programs.
The Company has signed definitive agreements with Tangiers Investors to secure a $10 Million equity line of credit (ELOC) under a Securities Purchase Agreement. Under the Securities Purchase Agreement the Company would agree to issue and sell its common stock to Tangiers for an aggregate purchase price of up to $10,000,000. The funding vehicle obligates Tangiers to buy Cyplasin stock in amounts of up to $250,000 per draw down, at Cyplasin's discretion over a period of 24 months. Under the Agreement Tangiers would purchase the Company's common stock at a price equal to 85% of the lowest volume weighted average price of the Company's common stock during the pricing period as quoted by Bloomberg, LP on the Over-the-Counter Bulletin Board.
Prior to obtaining any funding under the ELOC, the Company must prepare and file a registration statement with the Securities and Exchange Commission and cause such registration statement to be declared effective prior to the first sale to Tangier's of the Company's common stock. The Company will also be required to pay Tangiers a one time commitment fee equal to $300,000 of its common stock at a per share price equal to the lowest volume weighted average price of the Company's Common Stock during the twenty (20) business days immediately following the date on which commitment fee is issued.
Cyplasin CEO Garth Likes commented, "We are pleased to have secured this ELOC arrangement with Tangiers, as it puts into place a component of our overall financing strategy and will work in combination with other financing plans currently under discussion. We have the option without any obligation to draw on this credit facility as we may need in the future and we believe this to be a great vote of confidence in our current and future prospects by a well-established investment firm. We look forward in working closely with them as we continue to grow, and execute on our previously announced C-Virin and C-Pegferon therapeutic product development program. The ELOC in combination our loan agreement with Minapharm will allow us to move quickly in getting these two products to market while we also focus on our HEP C vaccine technology program ( C- Vaxin.)"
Mr. Likes went on to comment" I would also like to direct interested persons to our newly reformatted website at www.c-pharma.net and to sign up for our news letter which will be available on a quarterly basis."
ABOUT CYPLASIN: http://www.c-pharma.net/
Cyplasin Biomedical is a publically-traded specialty pharmaceutical company (OTCBB:CPBM ) with headquarters in Edmonton, Alberta. Cyplasin has amassed a portfolio of key products for the treatment and prevention of HCV infection, which affects over 4 million people in the U.S. and several hundred million people worldwide.
Cyplasin's technology encompasses the use of recombinant DNA technology to manufacture recombinant cytokines and virus like particles (VLPs). VLPs can be engineered to incorporate various viral and non-viral antigens for use as vaccines against many different types of targets such as hepatitis C. Cyplasin is using the technology to develop a hepatitis C vaccine ( C- Vaxin) to prevent hepatitis C viral infection. The Company is also pursuing a revenue generation strategy by commercializing highly profitable therapeutic drugs (C-Virin & C-Pegferon) for use in the hepatitis C market.
Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty offinancial estimates and projections, the competitive and regulatory environments, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differfrom those projected in the forward-looking statements.
Although we believe that our beliefs, plans, expectations and intentions contained in this current report are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act.
SOURCE CYPLASIN BIOMEDICAL LTD.
For further information: For further information: visit our new website www.c-pharma.net or contact: Mr. Garth Likes, President/CEO, email@example.com, Ph: (780) 990-4539