SOURCE: Vivione Biosciences Inc.

Vivione Biosciences

April 22, 2015 18:39 ET

Vivione Biosciences Inc. Proposed 30 Day Warrant Reduction

DALLAS, TX--(Marketwired - April 22, 2015) - Vivione Biosciences Inc. ("Vivione" or the "Company") (TSX VENTURE: VBI) announces that it intends to make application to the TSX Venture Exchange (the "Exchange") to amend the exercise price of the 12,000,000 common share purchase warrants (the "Warrants") issued to subscribers as part of the Company's prospectus financing which closed on April 19, 2013. Subject to Exchange approval, the Company intends to reduce the exercise price of the Warrants from $0.35 to $0.155 for a 30 day period (the "Price Amendment"). After the expiry of the 30 day period, which is anticipated to run between May 4, 2015 and June 3, 2015 and begin on the date of the Notice (as described below) (the "Price Reduction Period"), the exercise price will revert back to $0.35. All other terms of the Warrants remain the same. The Company will deliver a Notice reflecting the amended exercise price and the exact details of the Price Reduction Period to the registered holders of the Warrants once Exchange approval has been obtained. 

Vivione Biosciences plans to utilize the proceeds from the exercise of the Warrants during the Price Reduction Period to help accelerate its clinical initiatives in three areas:

  1. Transference of the Leuko64 reagent, an immune system biomarker (sepsis-related), onto Vivione's Rapid-B platform to acquire clinical data necessary for regulatory approval in Europe and the United States. This would enable the Company to offer quantitative identification of bacterial contamination in sterile body fluids such as blood, urine, and cerebral spinal fluid, the objective of which is to allow physicians to assess an individual's immune response to an active infection, while monitoring therapies in real time.
  2. Expediting the development of a second sepsis-related biomarker, to be licensed from a major university. The current licensing proposal includes the exclusive right to commercialize the diagnostic test plus a potential therapeutic peptide targeting the secondary biomarker molecule. 
  3. Continuing the development of the market's first rapid antibiotic susceptibility test for urinary tract infections in collaboration with the Cleveland Clinic.

There can be no assurance that the Notice will be delivered or that the Company will obtain Exchange approval. In addition, in the event the Price Amendment is approved, there is no assurance that holders of the Warrants will exercise during the Price Reduction Period and that proceeds that will be obtained. 

About Vivione

Formed in 2006 in collaboration with the FDA, Vivione is a TSX Venture Exchange listed biosciences company focused on the commercialization of its proprietary RAPID-B system; an integrated system of hardware, software and chemical reagents that quickly and accurately identify, quantify and qualify bacteria and other pathogens in food safety, bio-therapeutics, clinical, industrial and oil & gas environments. For more information, visit www.VivioneBiosciences.com.

Cautionary Statements

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of Vivione as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning: the timing of required Exchange approval for the Price Amendment; the timing of the Price Reduction Period; the intended use of proceeds, the development and anticipated successes of Vivione's three clinical initiatives and the commercialization and the development of the RAPID-B system and Vivione's business and growth. Such forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future.

The anticipated dates provided may change for a number of reasons, including inability to secure necessary Exchange or other third party approvals in the time assumed or the need for additional time to provide the required materials and notice to all registered holders of the Warrants with respect to the Price Amendment and the Price Reduction Period. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. 

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