Biophage Pharma increases private placement
02-12-2007
Montreal, February 12, 2007 - (TSX.V: BUG). Biophage Pharma Inc. ("Biophage") is pleased to announce that it has increased to $600,000 the maximum amount of its $500,000 private placement of units announced on December 22, 2006 (the "Private Placement"). Biophage also extends to February 28, 2007 the $0.13 per unit price protection period. Each unit is composed of one common share of the share capital of Biophage and one non‑transferable warrant. Each such warrant entitles the holder thereof to purchase one common share of the capital of Biophage for a price of $0.17, at any time for a period of two years after the date of its grant. The common shares to be issued at a price of $0.13 per share and the common shares underlying the warrants have a four-month resale restriction.
Dr Rosemonde Mandeville, President and CEO of Biophage commented: "We believe that the road shows we are presently doing and the good news that we have announced have increased demands for this private placement. The attendance in Quebec City and in Montreal was impressive and interest high. In addition to the revenues generated by our service division ImmunoTox Labs, we started the sales of Listex to cheese producers and our biosensor is in the last stages of its development, which lead to the fact that our three divisions should be generating income in 2007 and attract more and more attention. We are very proud to continue these developments and increase the value of our company for our shareholders."
The private placement is subject to the necessary approvals of the TSX Venture Exchange and the securities authorities.
AI
