LAVAL, QUEBEC--(Marketwired - Nov. 7, 2013) - ProMetic Life Sciences Inc. (TSX:PLI) (OTCQX:PFSCF), ("ProMetic" or the "Corporation") is pleased to announce that it has closed its previously announced public offering (the "Offering") of common shares in the capital of the Corporation (the "Common Shares"). The Offering was conducted on a best efforts basis by a syndicate of agents led by Paradigm Capital Inc. and including Beacon Securities Limited, D&D Securities Inc. and Cormark Securities Inc. (collectively the "Agents").
The Corporation has issued a total of 26,651,400 Common Shares at a price of $0.90 per Common Share for total gross proceeds of $23,986,260, which includes the issuance of 3,333,400 Common Shares issued pursuant to the exercise of the over-allotment option granted to the Agents for gross proceeds of $3,000,060.
In consideration for the services rendered by the Agents under the Offering, the Agents received a cash commission of 6% of the gross proceeds of the Offering.
"We are pleased to have successfully closed our Offering. The net proceeds generated from the Offering will be used for the advancement of our lead plasma-derived orphan drugs and small molecule therapeutics", stated Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer. "We are now better positioned than ever to execute on our most promising corporate initiatives", added Mr. Laurin.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (www.prometic.com) is a long established biopharmaceutical company with globally recognized expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development. ProMetic offers its state of the art technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders and uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics and orphan drugs. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. Headquartered in Laval (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., Europe and Asia.
Forward Looking Statements
This press release contains forward-looking statements about ProMetic's objectives, strategies and businesses and the Offering that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, the use of the net proceeds from the Offering, ProMetic's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of ProMetic to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations on page 26 of ProMetic's Annual Information Form for the year ended December 31, 2012, under the heading "Risk and Uncertainties related to ProMetic's business" and in the final prospectus under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless indicated otherwise.