SOURCE: Advanced Proteome Therapeutics Corporation

Advanced Proteome Therapeutics Corporation

May 19, 2016 18:26 ET

Advanced Proteome Closes Private Placement

VANCOUVER, BC--(Marketwired - May 19, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Advanced Proteome Therapeutics Corporation ("APC" or the "Company") (TSX VENTURE: APC) (FRANKFURT: 0E8) is pleased to announce that it has closed the non-brokered private placement financing ("Private Placement") announced April 18, 2016 by the issuance of an aggregate of 5,703,000 units ("Units") at a purchase price of $0.05 per Unit for gross proceeds of $285,150. Each Unit consists of one common share in the capital of the Company and one-half of a transferable share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share in the capital of the Company on or before May 19, 2017, at a purchase price of $0.10 per share.

In connection with the Private Placement, the Company paid finder's fees to Haywood Securities Inc. consisting of (i) $18,980 in cash; and (ii) issuance of 379,600 non-transferable warrants, each warrant entitling Haywood to acquire one common share in the capital of the Company on or before May 19, 2017 at a purchase price of $0.10 per share.

Two directors of the Company subscribed for an aggregate of 958,000 Units.

All securities issued by the Company pursuant to the Private Placement are subject to a hold period of four months and one day and cannot be resold until September 20, 2016.

Net proceeds from the Private Placement will be allocated for general working capital and to advance the Company's capabilities in the area of site specific labeling of therapeutic antibodies, with the goal of producing improved versions of antibody-drug conjugates, to bolster ongoing serious negotiations for partnering deals as well as other business development activities.

The Private Placement is subject to final approval by the TSX Venture Exchange.

About APC

Advanced Proteome Therapeutics Corporation (APC) is advancing a Site-Specific Protein Modification technology platform to enable the development of superior protein therapeutics. Using this technology, the Company has generated numerous and diverse modifications of Annexin V with superior binding and stability properties and are amenable to further labeling and conjugation for use in therapeutic applications. APC is now applying its technologies to achieve the site-specific labeling of therapeutic antibodies and provide the next generation of antibody-drug conjugates.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in financing conditions, and changes in FDA regulations.

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:

    Advanced Proteome Therapeutics Corporation
    Alexander (Allen) Krantz
    President and Chief Executive Officer
    Tel: (617) 638-0340
    http://www.advancedproteome.com

    Scott Young
    Investor Relations
    Tel: (705) 888-2756