Cotinga Pharmacueticals Announces Closing of Second Tranche of Unit Offering
05 6월 2019 - 7:01AM
Cotinga Pharmaceuticals Inc. (TSX Venture: COT)
(“Cotinga” or the “Company”), a clinical stage
biopharmaceutical company advancing a pipeline of targeted
therapies for the treatment of cancer, today announced that
effective June 4
, 2019 (the “
Closing
Date”), it completed, for gross proceeds of $100,000, a
second tranche offering (the “
Offering”) of units
(“
Units”) comprised of $100,000 of senior secured
debentures (the “
Debentures”) and 1,000,000
non-transferable common share purchase warrants exercisable at
$0.10 per Warrant to arm’s length lenders and a lender who is a
director and officer of the Company (the
“
Subscribers”). The Company intends to use the
proceeds from the Offering to fund the initiation of both COTI-2
combination trials (one in solid tumors with cisplatin and the
other in triple negative breast cancer with eribulin) and for
general operations as well as corporate purposes.
The Debentures have a term of one year from the
Closing Date (the “Term”), bear interest at a rate
of 10% per annum payable at the end of Term, and are secured
against all of the assets of the Company pursuant to a general
security agreement effective as of the Closing Date in favour of
the Subscribers. Each Warrant is exercisable during the Term, and
thereafter expires, and is subject to a hold period of four months
and a day from the Closing Date.
The Offering remains subject to final TSX
Venture Exchange approval.
The securities referred to in this news
release 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 within the United States or to, or for the account
or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This
news release does not constitute an offer for Press Release sale of
securities or a solicitation for offers to buy any securities. Any
public offering of securities in the United States must be made by
means of a prospectus containing detailed information about the
company and management, as well as financial
statements.
About Cotinga Pharmaceuticals
Inc.Cotinga Pharmaceuticals is a clinical-stage
pharmaceutical company that uses proprietary artificial
intelligence technologies to pursue a targeted and transformational
approach to treating cancer and other unmet medical needs.
Cotinga’s CHEMSAS® technology is intended to accelerate the
discovery and development of novel drug therapies, allowing the
Company to build a pipeline of potential drug candidates faster and
with a higher probability of success than traditional methods.
The Company’s lead compound, COTI-2, has a novel
p53-dependent mechanism of action with selective and potent
anti-cancer activity. P53 mutations occur in over 50% of all
cancers. COTI-2 is initially being evaluated in combination
with various standard of care chemotherapy regimens for the
treatment of a wide spectrum of cancers in a Phase 1b/2a clinical
trial at the MD Anderson Cancer Center at the University of Texas.
The Company has secured orphan drug status in the United States for
COTI‐2 for the treatment of ovarian cancer. Preclinical data
suggests that COTI-2 could dramatically improve the treatment of
cancers with mutations in the p53 gene.
The Company’s second lead compound, COTI-219, is
a novel oral small molecule compound targeting the mutant forms of
KRAS without inhibiting normal KRAS function. KRAS mutations occur
in up to 30% of all cancers and represent a tremendous unmet
clinical need and a desirable drug target. COTI-219 is undergoing
IND-enabling studies to support a regulatory submission.
Follow @CotingaPharma on Twitter at
http://twitter.com/CotingaPharma.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
For more information, visit
http://www.cotingapharma.com/ or contact:
Alison Silva President and CEO
Tel: 1-800-798-6860 Email:
asilva@cotingapharma.com
Notice to Readers:Information
contained in this press release may contain certain statements
which constitute “forward-looking statements” as such term is
defined under applicable securities laws. Forward‐looking
statements by their nature are not guarantees of future performance
and are based upon management’s current expectations, estimates,
projections and assumptions. Statements relating to the Offering
including the use of proceeds from the Offering are forward looking
statements. Cotinga operates in a highly competitive environment
that involves significant risks and uncertainties, which could
cause actual results to differ materially from those anticipated in
these forward‐looking statements. Management of Cotinga considers
the assumptions on which these forward‐looking statements are based
to be reasonable, but as a result of the many risk factors,
cautions the reader that actual results could differ materially
from those expressed or implied in these forward-looking
statements. Information in this press release should be considered
accurate only as of the date of the release and may be superseded
by more recent information disclosed in later press releases,
filings with the securities regulatory authorities or otherwise.
Except as required by law, Cotinga assumes no obligation to update
forward-looking statements should circumstances or management's
expectations, estimates, projections and assumptions change.
Cotinga Pharmaceuticals (TSXV:COT)
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Cotinga Pharmaceuticals (TSXV:COT)
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