This release is intended for distribution in Canada only and is not to be distributed to United States newswire services or disseminated in the United States.
TORONTO, Ontario – January 24, 2006: NeuroMedix Inc. (“NeuroMedix”) is pleased to announce that it has successfully completed its initial public offering (the “Offering”). The Offering was fully subscribed with gross proceeds of $3,000,000 and an additional $300,000 on the exercise of the over-allotment option. A total of 13,200,000 common shares were issued at a price of $0.25 per share.
The placement agent for the Offering was Dundee Securities Corporation (“Dundee”). NeuroMedix received cash proceeds (net of Dundee’s commissions, legal fees and expenses) of $2.9 million. NeuroMedix expects to have net proceeds of $2.7 million, after payment of all expenses related to the Offering, which it intends to use for research and development and general and administrative expenses, including working capital.
NeuroMedix expects that its common shares will commence trading on the TSX Venture Exchange on Monday, January 30, 2006, under the symbol “NMX”.
About NeuroMedix:
NeuroMedix is a biotechnology company focused on the development of therapeutic agents for the treatment of degenerative and inflammatory diseases of the central nervous system, such as Alzheimer's disease, multiple sclerosis and Parkinson’s disease. Our therapeutic drug candidates are based on research from a team of leading experts in the field of neuroinflammation and have been demonstrated to reduce brain inflammation, to protect neuronal cells, and to prevent the loss of cognitive function in an Alzheimer’s disease animal model in mice. Based on these findings, NeuroMedix is pursuing the development of a lead compound for the prevention of Alzheimer's disease in humans.
For further information on NeuroMedix, visit www.neuromedixinc.com [1] or contact:
Mark Pearson, PhD.
Chief Executive Officer
NeuroMedix Inc.
mark@neuromedixinc.com [2]
Catherine Auld, CA
Chief Financial Officer
NeuroMedix Inc.
cathy@neuromedixinc.com [3]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
These securities have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons unless an applicable exemption from U.S. registration requirements is available.
Except for historical information, this press release may contain forward-looking statements, which reflect the Company’s current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may include but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company’s ongoing quarterly and annual reporting.