Pivotal Therapeutics Inc. Warrant Call
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 07/14/11 -- Pivotal Therapeutics Inc. (CNSX: PVO),the developer of a proprietary prescription-grade Omega-3 product, formulated with a unique Eicosapentaenoic (EPA) to Docosahexaenoic (DHA) ratio of ultra-high purity, for utility as an aid in the dietary management of Omega-3 deficient cardiovascular disease patients through elevating EPA and DHA Omega-3 fatty acids, announces that pursuant to the terms of certain outstanding share purchase warrants (the "Warrants") issued on November 30, 2010 and February 2, 2011, an Acceleration Event has occurred.
The Acceleration Event, resulting from Pivotal's share price closing at $0.38 or greater on the Canadian National Stock Exchange for 10 consecutive trading days after March 31, 2011, enables Pivotal to provide notice to the warrant holders that the expiry term of the warrants has been amended to 15 business days following written notice of the Acceleration Event, that is 5:00pm, Eastern Standard Time, on August 5, 2011.
Warrants not exercised before 5:00pm, Eastern Standard Time, on August 5, 2011, will expire.
The warrants affected by the Acceleration Event relate to a non-brokered private placement, which closed on February 2, 2011. Pivotal expects to realize CDN$2,989,848 from the exercise of 11,959,392 common stock purchase warrants to purchase common stock for CDN$0.25 per share.
In making the announcement, Eugene Bortoluzzi, Chief Executive Officer, said: "The additional funds provided by the exercise of the warrants will facilitate our progress towards commercialization of VASCAZEN™ and the execution of our business plan. We are anticipating commercialization of VASCAZEN™ towards the later part of 2011."
About Pivotal Therapeutics Inc.
With offices in Toronto, Canada and Boca Raton, Florida, Pivotal Therapeutics is a publicly traded (CNSX: PVO) specialty pharmaceutical company with a focus on the treatment of cardiovascular disease. Pivotal Therapeutics' lead product VASCAZEN™ is a prescription medical food formulated to meet the dietary Omega-3 deficient needs of patients with cardiovascular disease through elevating Eicosapentaenoic (EPA) and Docosahexaenoic (DHA) to levels associated with reduced risk of cardiovascular complications.
VASCAZEN™ is a greater than 90% pure, proprietary EPA:DHA fatty acid formulation, protected by a series of both issued and pending US and foreign patents and commercialized by prescription only. This unique formulation will provide the cornerstone upon which a family of cutting edge combination products, with efficacy across a broad spectrum of cardiac care, will be commercialized.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include, our inability to obtain additional financing on acceptable terms, risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology, inability to compete with others who provide comparable products, the failure of our technology, inability to respond to consumer and technological demands, inability to replace significant customers; seasonal nature of our business and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
Contacts:
Pivotal Therapeutics Inc.
Rachelle MacSweeney
President
905-856-9797
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Datum: 14.07.2011 - 14:51 Uhr
Sprache: Deutsch
News-ID 34756
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TORONTO, ONTARIO
Kategorie:
Drugs
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