Ecopia BioSciences Inc.
TSX : EIA

Ecopia BioSciences Inc.

April 10, 2006 14:36 ET

Ecopia Reports Filing of Preliminary Short Form Prospectus

MONTREAL, QUEBEC--(CCNMatthews - April 10, 2006) - THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Ecopia BioSciences Inc. (TSX:EIA) is pleased to announce that it has filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with a proposed public offering of units of Ecopia, each unit consisting of one common share of Ecopia and one half of one common share purchase warrant. Each whole warrant will entitle its holder to purchase one common share for a period of three years from the closing of the offering at a purchase price to be determined. The size and final pricing for the offering will be negotiated in the context of market conditions prevailing at the time of filing of the (final) short form prospectus.

The offering is being made through a syndicate of underwriters co-led by Orion Securities Inc. and Desjardins Securities Inc., and including Blackmont Capital Inc.

Ecopia intends to use the net proceeds of the offering to fund its research and development activities, in particular, the development of ECO-4601, its lead compound, and for working capital and general corporate purposes.

THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES, NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

About Ecopia

Ecopia is finding novel anticancer therapies from soil-dwelling microorganisms that are one of the most prolific sources of drugs. Our current focus is to move our flagship compound ECO-4601 through Phase I clinical trials. ECO-4601 is a novel small molecule that, based on advanced animal models, crosses the blood brain barrier and is effective in significantly inhibiting primary brain tumor growth and other types of cancers. Just like well-known chemotherapies such as doxorubicin and mitomycin C, ECO-4601 comes from microorganisms that live in common soil. However, unlike these drugs that were discovered many decades ago, ECO-4601 represents a new chemical class that is the fruit of a very unique drug discovery platform called the Decipher® technology. The common shares of Ecopia are listed on the TSX (symbol: EIA).

Additional information about the Company can be obtained from Ecopia's website at www.ecopiabio.com.

Certain statements in this press release that do not relate exclusively to historical facts are forward-looking statements. These statements relate to future events or the Corporation's future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "targeting", "intend", "could", "might", "continue", or the negative of these terms or other comparable terminology. These statements are only predictions. In addition, this press release may contain forward-looking statements attributed to third party industry sources. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this press release speak only as of the date of this press release and include, but are not limited to, statements with respect to (i) the ability to raise future capital to fund the Corporation's research and development activities; (ii) success and timely completion of clinical studies; (iii) the pursuit of clinical trials in the United States; (iv) the potential of ECO-4601 as a chemotherapy against primary brain cancer; (v) the potential of ECO-4601 in the treatment of breast, prostate, colon, lung and ovarian cancers; (vi) the identification of a second generation ECO-4601 compound; (vii) the identification of a non-ECO-4601 related compound as a candidate for another regulatory filing; (viii) the grant by the United States Patent and Trademark Office of a patent directed to ECO-4601 based on the Corporation's notice of allowance; and (ix) the earning of revenues from the exercise of exclusivity options on out-licensed patent properties may rely on a
number of assumptions concerning future events and are therefore subject to a number of risks and uncertainties, many of which are outside Ecopia's control. Actual results may therefore vary materially from the expectations expressed by the Corporation and depend on a number of factors. These factors include, but are not limited to: (i) the possibility of delays in approval of patients in Phase I trial; (ii) scientific uncertainties relating to the correlation between preclinical animal data and human clinical data; (iii) the safety and efficacy of ECO-4601 as a cancer treatment; (iv) timely progress and completion of Phase I study; (v) withdrawal of a notice of allowance by the United States Patent and Trademark Office; (vi) uncertainties related to the regulatory process for drug development; (vii) the ability for the Corporation to fund its future operations in light of the lack of operating revenues for the years to come;(viii) and the impact of general economic conditions. A more complete discussion of the risks and uncertainties facing the Corporation appears in Ecopia's 2005 Annual Report under Management's Discussion and Analysis of Financial Position and Results of Operations for fiscal 2005 and the 2005 Annual Information Form available at www.sedar.com. Except as required by law, Ecopia does not undertake and disclaims any obligation to update or revise its forward-looking statements or forward-looking information whether as a result of new information, future events, or otherwise.

Contact Information

  • Ecopia BioSciences Inc.
    Pierre Falardeau
    President and CEO
    (514) 336-2700
    (514) 336-8827 (FAX)
    info@ecopiabio.com