ID Biomedical (NASDAQ:IDBE)
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ID Biomedical Closes Financing Transaction
VANCOUVER, Jan. 10 /PRNewswire-FirstCall/ -- ID Biomedical Corporation (TSX:
IDB; NASDAQ: IDBE) announced today that it has closed its asset backed loan
transaction with Vancouver-based Second City Capital Partners (SCC) for
proceeds of US $60 million. ID Biomedical has used the proceeds to repurchase
approximately 4.9 million subscription receipts held by Shire BioChem Inc. that
were issued in connection with the Company's acquisition of the vaccine
business of Shire Pharmaceuticals Group, plc. All conditions precedent to this
transaction have now been satisfied and the subscription receipts have been
cancelled.
About ID Biomedical
ID Biomedical is an integrated biotechnology company dedicated to the
development of innovative vaccine products. It operates in research,
development, manufacturing, sales and marketing from its facilities in Canada
and in the United States. ID Biomedical is dedicated to becoming a premier
vaccine company with significant marketed products worldwide and an extensive
pipeline in both clinical and preclinical development. ID Biomedical has a
leading position in the Canadian influenza market. It received a ten-year
mandate from the Government of Canada in 2001 to assure a state of readiness in
the case of an influenza pandemic and provide influenza vaccine for all
Canadians in such an event. It also currently supplies approximately 75% of the
Canadian government's influenza vaccine purchases.
For further information on ID Biomedical, please visit the Company's website at
http://www.idbiomedical.com/.
About Second City Capital Partners
Second City Capital Partners is a leading independent provider of innovative,
tailored financial solutions to mid-market companies in North America. It
provides equity and mezzanine capital for companies in a broad range of
industries to support buyouts, acquisitions, recapitalizations, and organic
growth. The Fund is headquartered in Vancouver, BC, with offices in Los Angeles
and Denver. The Fund targets later stage companies in the middle market segment
with a focus on value opportunities in Canada, Midwest and Western United
States.
For additional information, please visit http://www.secondcitycapital.com/.
The information in this news release contains so-called "forward-looking"
statements. These include statements regarding ID Biomedical's expectations and
plans relating to the closing of the loan transaction and the repurchase of the
subscription receipts described herein, statements about ID Biomedical's
expectations, beliefs, intentions or strategies for the future, which may be
indicated by words or phrases such as "anticipate", "expect", "intend", "plan",
"will", "we believe", "ID Biomedical believes", "management believes", and
similar language. All forward-looking statements are based on ID Biomedical's
current expectations and are subject to risks and uncertainties and to
assumptions made. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
include: (i) the company's ability to successfully integrate the Shire vaccine
business; (ii) the company's ability to successfully complete preclinical and
clinical development of its products; (iii) the company's ability to
manufacture its products; (iv) the seasonality of the flu-vaccine business and
related fluctuations in the company's revenues from quarter to quarter; (v)
decisions, and the timing of decisions, made by the health regulatory agencies
regarding approval of its products for human testing; (vi) the company's
ability to enter into distribution agreements for its products, and to complete
and maintain corporate alliances relating to the development and
commercialization of its technology and products; (vii) market acceptance of
its technologies and products; and (viii) the competitive environment and
impact of technological change and other risks detailed in the company's
filings with the Securities and Exchange Commission. ID Biomedical bases its
forward-looking statements on information currently available to it, and
assumes no obligation to update them.
For further information, please contact:
Investor Relations / Media
Dean Linden
(604) 431-9314
Michele Roy
(450) 978-6313
DATASOURCE: ID Biomedical Corporation
CONTACT: Investor Relations / Media, Dean Linden, (604) 431-9314,
; Michele Roy, (450) 978-6313,
;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.