Chemokine Therapeutics Corp.
TSX : CTI
OTC Bulletin Board : CHKT

Chemokine Therapeutics Corp.

June 16, 2008 08:30 ET

Chemokine Therapeutics Closes $885,000 Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 16, 2008) - Chemokine Therapeutics Corp. (the "Company") (TSX:CTI)(OTCBB:CHKT), a biotechnology company developing chemokine-based therapies to treat cancer, blood disorders, and vascular diseases, today announced that it has closed, via a non-brokered private placement, an offering of approximately 5,900,000 units at a price of $0.15 per unit for gross proceeds to the Company of approximately $885,000 (the "Offering").

Each unit issued under the Offering consisted of one share of common stock of the Company and one common share purchase warrant entitling the holder to purchase one share of common stock of the Company at an exercise price of US$0.25 per share for a period of 5 years from the date of issue. The Offering and sale of the units were conducted pursuant to exemptions from the prospectus and registration requirements of the U.S. and Canadian securities legislation and the shares of common stock and the common shares purchase warrants issued under the Offering are subject to hold periods under such legislation.

The proceeds of the Offering will be used by the Company for research and development of CTCE-9908, working capital, and general corporate purposes.

About Chemokine Therapeutics Corp. (TSX:CTI)(OTCBB:CHKT)

Chemokine Therapeutics is a product-focused biotechnology company developing drug candidates in the field of chemokines. Chemokines are a class of signaling proteins that play a critical role in the growth, differentiation, and maturation of cells necessary for fighting infection as well as tissue repair and regeneration. Chemokines also have an important role in cancer metastasis and growth. Chemokine Therapeutics is a leader in research in the field of chemokines and has several products in various stages of development.

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "projects", and similar expressions are intended to identify forward-looking statements. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances, or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, those associated with the success of research and development programs, the Company's ability to raise additional funding and the potential dilutive effects thereof, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the availability of government and insurance reimbursements for the Company's products, the strength of intellectual property, reliance on subcontractors and key personnel and other risks detailed from time-to-time in the Company's public disclosure documents and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Information

  • Chemokine Therapeutics Corp.
    Mr. Don Evans
    Vice President, Corporate Communications
    (604) 738-6644 or 1-888-822-0305
    (604) 738-6645 (FAX)
    Email: devans@chemokine.net
    Website: www.chemokine.net