EDMONTON, Alberta, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Isotechnika Pharma Inc. (TSX:ISA) intends to complete a non-brokered private placement of up to 21.25 million units of Isotechnika at a price of 4 cents per unit for aggregate gross proceeds of $850,000. Each unit will consist of one common share and one non-transferable common share purchase warrant exercisable at 5 cents for a period of two years from the closing date. It is anticipated that the proceeds from the placement will be used for general working capital. Completion of the private placement is subject to the satisfaction of customary closing conditions, including TSX approval.
Certain directors and officers of the Company may acquire securities under the private placement.
The securities offered will not be or have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S of the Securities Act) or person in the United States, unless an exemption from such registration requirements is available. Certain individuals in the United States may be permitted to participate in the private placement upon satisfying the Company that such participation is lawful and in compliance with all applicable securities and other laws of the United States. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.
We seek Safe Harbor.
About Isotechnika Pharma Inc.
Isotechnika Pharma Inc. is a biopharmaceutical company focused on the discovery and development of immunomodulating therapeutics designed to offer key safety advantages over currently available treatments. Its lead drug, voclosporin, is a calcineurin inhibitor, and is targeted at the estimated US$3.0 billion market for this class of immunosuppressants. Isotechnika Pharma Inc. trades on the Toronto Stock Exchange under the symbol "ISA". More information on Isotechnika Pharma can be found at www.isotechnika.com or www.sedar.com.