In connection with the private placement, certain insiders of InNexus comprised of some members of the Board and senior management, are expected to participate in the offering for an aggregate of approximately 40% on the same terms and InNexus may pay finders' fees to registered persons in an amount equal to 7% of the proceeds from the sale of the debentures to purchasers referred by such finder in accordance with the policies of the TSX Venture Exchange.
Participation in the private placement by insiders of InNexus is considered to be a related-party transaction as defined under Multilateral Instrument 61-101, however, the transaction is exempt from the formal valuation and minority shareholder approval requirements under the instrument as neither the fair market value of the securities being issued nor the consideration paid exceeds 25 per cent of InNexus' market capitalization.
Upon conversion of the debenture, the common shares will be subject to a four-month "hold period" from the date of conversion under the policies of the TSX Venture Exchange and applicable securities legislation.
About Colorectal Cancer
Colorectal cancer is the third most common cancer found in men and women in the United States and is a term referring to cancer that develops in the colon or rectum. The American Cancer Society estimates that there will be about 108,070 new cases of colon cancer and 40,740 new cases of rectal cancer in 2008 in the United States. Combined, they will cause about 49,960 deaths.
One of the leading products available is ERBITUX(R) (cetuximab)
marketed by ImClone Systems Incorporated. ImClone recently reported that
global net sales of ERBITUX(R) for the first quarter of 2008 grew to $417.3
million, an increase of 12% compared to $371.0 million for the previous
quarter and an increase of 36% compared to $306.1 million for the same
|SOURCE InNexus Biotechnology Inc.|
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