Primera Bioscience Research Inc.

September 25, 2009 23:28 ET

Primera Bioscience Research Inc. Announces 2009 Financing

TORONTO, ONTARIO--(Marketwire - Sept. 25, 2009) - Primera Bioscience Research Inc. ("Primera Bioscience" or the "Corporation") announces that The Hospital for Sick Children ("HSC") in Toronto, Ontario, has presented a report to the Board on the research completed to date into stem cells in certain brain tumours. This on-going project has been funded by Primera Bioscience since February 2008.

The report is under review by management of Primera Bioscience to determine an agreed research strategy for the remainder of the research program. Primera Bioscience has a liability of $100,000 to complete its project funding obligation of $300,000. This amount was due and payable on February 8, 2009. HSC has agreed to extend the deadline for this payment pending agreement on the research strategy. A further announcement discussing research progress will be made upon establishment of the research strategy.

Primera Bioscience announces the completion of the sale of 375,000 common shares at $0.10 per share to arm's length subscribers for gross proceeds of $37,500 pursuant to a non-brokered private placement. The price of $0.10 per share is the same price for which common shares were sold under the Corporation's prospectus dated July 23, 2008. The proceeds of the private placement will be applied to working capital for general and administrative expenses. As at June 30, 2009, the Corporation has working capital of approximately $4,000. The proceeds of the private placement are expected to fund general and administrative expenses for the next three years. Immediately before completion of the private placement, the Corporation had 42,570,065 common shares issued and outstanding. As a result of the issuance of 375,000 common shares pursuant to the private placement, the Corporation now has 4,375,000 common shares issued and outstanding. The common shares issued on the private placement are subject to a four-month hold period, which expires on January 26, 2010.

About Primera Bioscience Research Inc.

Primera Bioscience is engaged in early stage biomedical research. The Corporation currently has one project which is to collaborate with and provide $300,000 of funding for certain brain tumour and stem cell research being conducted by The Hospital for Sick Children in Toronto, Ontario. This research is more fully described in the prospectus of Primera Bioscience dated July 23, 2008 which is filed on www.sedar.com.

WARNING: This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding research and the potential results thereof, and future plans and objectives of Primera Bioscience, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Primera Bioscience' expectations are exploration risks detailed herein and from time to time in the filings made by Primera Bioscience with securities regulators.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Primera Bioscience Research Inc.
    Carolyn J. Rayfield
    President and Chief Executive Officer
    (416) 505-0425
    (416) 352-5693 (FAX)
    carolyn@rayfieldconsulting.com