Adherex Technologies Inc.
TSX : AHX
PINK SHEETS : ADHXF

Adherex Technologies Inc.

March 02, 2011 16:15 ET

Commencement of Adherex Rights Offering

RESEARCH TRIANGLE PARK, NORTH CAROLINA--(Marketwire - March 2, 2011) - Adherex Technologies Inc. (TSX:AHX)(PINK SHEETS:ADHXF), a biopharmaceutical company focused on the development of eniluracil and 5-fluorouracil ("Adherex" or the "Company"), intends to commence its previously disclosed rights offering, today, March 2nd, at 5:00 pm New York City time, the record date for the rights offering. Adherex will distribute one right to each shareholder for each share of common stock held of by such shareholder as of 5:00 p.m., New York City time, on the record date. The subscription price for shareholders electing to pay the subscription price in Canadian Dollars is CAD $0.03 per unit. The subscription price for shareholders electing to pay the subscription price in U.S. Dollars is USD $0.0303 per unit, based on the US/Canadian currency exchange rate in effect on February 8, 2011 (USD 1: CAD 0.990). 

The definitive terms of the rights offering are contained in the prospectus, dated February 11, 2011, as supplemented on February 22, 2011, which are filed with the Securities and Exchange Commission and are available at www.sec.gov

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor sell there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

This press release contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company's products will not be as large as expected, the Company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital needs, and its ability to obtain additional funding, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2009. Adherex Technologies, Inc. disclaims any obligation to update these forward-looking statements except as required by law.

For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.

Contact Information

  • Adherex Technologies Inc.
    Rosty Raykov
    Chief Executive Officer
    919-636-5144