MonoGen, Inc.
TSX : MOG

MonoGen, Inc.

November 15, 2006 09:08 ET

MonoGen Completes C$18.5 Million Private Placement of Common Shares

MONTREAL, QUEBEC--(CCNMatthews - Nov. 15, 2006) - This Press Release is Not for Distribution in the United States

MonoGen, Inc., formerly Oxbow Equities Corp., ("Corporation")(TSX:MOG) today announced that it has completed the previously announced private placement of 33.7 million common shares at C$0.55 per share for total proceeds of C$18.5 million. This financing was effected by way of a non-brokered private placement with a four-month hold period. The total number of shares outstanding following the closing of this financing is 168.4 million and 198.2 million on a fully diluted basis. The Corporation intends to consolidate its outstanding common shares in the range of one-for-10 to one-for-15 before September 30, 2007.

With operating headquarters in the United States (Greater Chicago area), MonoGen is a medical device company developing an integrated suite of fully automated devices (the SAVANT LABORATORY SYSTEM™) for anatomic and molecular pathology laboratories. The SAVANT LABORATORY SYSTEM™ is being designed to automate processes performed by clinical laboratories to reduce their costs, increase throughput, and improve the quality and consistency of results.
The common shares of the Corporation are listed for trading on the Toronto Stock Exchange under the trading symbol "MOG".

Forward-Looking Statements

This press release is not for distribution in the United States.

This press release contains statements that are forward-looking in nature. Statements preceded by the words believe, expect, anticipate, plan, intend, continue, estimate, may, will, and similar expressions are forward-looking statements.

Forward-looking statements are based on the Corporation's beliefs and assumptions based on information available at the time the assumption was made. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments, relating to the Corporation. By its nature, such forward-looking information is subject to various risks and uncertainties which could cause the Corporation's actual results and experience to differ materially from the anticipated results or other expectations expressed. Those risks and uncertainties include, but are not limited to MonoGen's ability to raise additional capital, MonoGen's ability to execute its business plan while maintaining at all times its various regulatory approvals, the performance of its strategic partners including the performance of Cardinal Health in the commercialization of the Corporation's products in the marketplace and the competitive response from existing and potential competitors. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this document, and the Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • MonoGen, Inc.
    Mr. Andre Denis
    Executive Chairman and Interim Chief Financial Officer
    514-286-0999, ext. 224
    514-286-3777 (FAX)
    adenis@monogen.com