EDMONTON, Alberta, Oct. 31, 2012 (GLOBE NEWSWIRE) -- Further to its press release of October 16, 2012, Isotechnika Pharma Inc. (TSX:ISA) announced today that it has completed the second tranche of its non-brokered private placement, raising additional gross proceeds of $151,000 by the issuance of 3,775,000 units at a price of 4 cents per unit. The common shares and warrants issued pursuant to the private placement and any common shares issued on exercise of the warrants are subject to a four-month resale restriction that expires on March 1, 2013.
No finder fees or commissions were paid in connection with the private placement. It is anticipated that the proceeds from the private placement will be used for general working capital.
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.