Tang Capital Partners, LP

August 08, 2008 19:15 ET

Tang Capital Partners, LP Acquires Shares of Ambrilia

SAN DIEGO, CALIFORNIA--(Marketwire - Aug. 8, 2008) - (all amounts in Canadian dollars) -

Tang Capital Partners, LP ("Tang Capital") announced the purchase of 1,304,000 shares of Ambrilia Biopharma Inc. ("Ambrilia") (representing approximately 2.7% of Ambrilia's issued and outstanding common shares at July 30, 2008) through the facilities of the Toronto Stock Exchange at a price per share of $0.1157.

After completion of the purchase of the shares, Tang Capital and an affiliated entity will own 5,264,800 common shares representing 10.8% of Ambrilia's issued and outstanding common shares (as of July 30, 2008). In addition, Tang Capital and an affiliated entity own 2,000,000 warrants to purchase common stock at a price per share of $1.35. These warrants expire on October 29, 2010. These warrants are currently not exercisable and will not be exercisable, due to a blocker provision, so long as Tang Capital and affiliated entities own more than 9.99% of Ambrilia's common stock. Tang Capital and affiliated entities may waive this blocker provision upon not less than 61 days written notice to Ambrilia.

Tang Capital acquired its securities of Ambrilia for investment purposes and may acquire or dispose of securities of Ambrilia in the future depending on market conditions and other considerations.

Tang Capital is acting jointly with the Tang Family Trust, dated August 27, 2002, in connection with the securities of Ambrilia.

Tang Capital Partners, LP is an investment fund that focuses on the life sciences industry.

Contact Information

  • Tang Capital Management, LLC
    Kevin C. Tang
    (858) 200-3830