BRITISH COLUMBIA, Canada, March 25 /PRNewswire-FirstCall/ -- InNexus Biotechnology Inc., (OTC Bulletin Board: IXSBF; TSX VENTURE: IXS; http://www.ixsbio.com), a drug development company commercializing the next generation of monoclonal antibodies based on its Dynamic Cross Linking (DXL) technology, is pleased to announce that the Company has entered into a loan facility with a group of investors for an aggregate amount of up to USD$2.5 million.
The loan facility, subject to final approval of the TSX, bears interest at 12.5% payable in cash or in Common Shares of InNexus, subject to regulatory approval, and matures 6 months from the date of drawdown. InNexus is entitled to extend the term for a further 6 months. The loans are repayable at any time subject to a 5% penalty. In connection with the loan, InNexus will issue to the lenders at closing common share purchase warrants obtained by a) dividing each lender's loan value by b) the then prevailing market price c) multiplied by 25%. Each warrant will entitle the holder to acquire one common share of InNexus at a price equal to the then prevailing market price, which shall be the same as b), above. The purchase warrants are exercisable for the earlier of a period of 60 months from closing or complete repayment of the loan.
Proceeds of the loan facility are intended to be used for paying current liabilities and operating expenses for InNexus' continued research and development programs.
Concurrently, InNexus announces the resignations of Glenn Williamson and Laurence Luke from the company's Board of Directors, effective March 6, 2009. Chairman Jeff Morhet commented, "I thank Mr. Williamson and Mr. Luke for the work and support of InNexus over the last two years. The entire Board also thanks them for their contribution." Their decision to leave the Company's Board is not based on or reflective of any di
|SOURCE InNexus Biotechnology Inc.|
Copyright©2009 PR Newswire.
All rights reserved