Primera Bioscience Research Inc.

August 27, 2012 07:00 ET

Primera Announces Termination of Transaction With ES Investments Ltd.

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2012) - NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Primera Bioscience Research Inc. ("Primera Bioscience") announces the termination of the definitive amalgamation agreement with ES Investments Ltd. described in the press release of Primera Bioscience dated May 15, 2012.

Due to adverse capital market conditions it was not possible to complete the equity financing which was a condition of the amalgamation and related transactions. The amalgamation was terminated in accordance with its terms at no cost to Primera Bioscience.

Primera Bioscience is engaged in early stage biotech and related research. The Corporation currently has one collaborative project under which it provided $300,000 of funding for certain brain tumour and stem cell research being conducted by The Hospital for Sick Children in Toronto, Ontario, in exchange for a 10% interest in any commercialization proceeds arising out of the project. This research is more fully described in the prospectus of Primera Bioscience dated July 23, 2008 and subsequent disclosures which are filed on www.sedar.com. Primera intends to continue with its biomedical research activities.

WARNING: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding research and the potential results thereof, and future plans and objectives of Primera Bioscience, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Primera Bioscience's expectations include research and other risks detailed in the filings made by Primera Bioscience with securities regulators and available at www.sedar.com.

Contact Information

  • Primera Bioscience Research Inc.
    Carolyn J. Rayfield
    President and Chief Executive Officer
    (416) 505-0425
    (416) 352-5693 (FAX)
    carolyn@rayfieldconsulting.com