For immediate release: February 20, 2007
VANCOUVER - Inex Pharmaceuticals Corporation ("INEX"; TSX: IEX) announced today the closing of the bought deal financing announced January 30, 2007. The financing was led by Sprott Securities Inc. and included Dundee Securities Corporation and Loewen Ondaatje McCutcheon Ltd. (the “underwriters”). In addition to purchasing 9,000,000 common shares at a price of $1.55 per common share, the underwriters have also exercised their over-allotment option to purchase an additional 1,350,000 common shares at the same price. In total, the underwriters have purchased an aggregate of 10,350,000 common shares of INEX at a price of $1.55 per share, for gross proceeds to INEX of $16,042,500.
The proceeds from the financing will be used to advance the company’s lead internal product candidate, INX-0167, into clinical development, and for general corporate purposes.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
About INEX
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer and other diseases. Further information about INEX can be found at www.inexpharm.com. Forward Looking Statements There are forward-looking statements and information contained herein that are not based on historical fact, including without limitation statements containing the words “believes,” “may,” “plans,” “will,” “estimate,” “continue,” “anticipates,” “intends,” “expects,” and similar expressions, and the negative of such expressions. Such forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements and information. Such factors include, among others, INEX’s stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX’s products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or information contained herein to reflect future results, events or developments, except as required by law.
Contact Information
Investors
Ian Mortimer
Vice President, Finance and Chief Financial Officer
Phone: 604-419-3200
Email: imortimer@inexpharm.com
Website: www.inexpharm.com
Media
Karen Cook Boas
James Hoggan & Associates Inc.
Phone: 604-739-7500
Email: kcook@hoggan.com
