Navigation Links
InNexus Biotechnology Announces a Loan Facility of up to USD$2.5 Million
Date:3/25/2009

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 disagreement related to the Company's operations, policies or practices. The Company does not intend on replacing the Directors at this point and this supports other cost-saving measures.

About InNexus

InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its DXL technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL antibodies utilize unique, novel and patented methods and technologies of InNexus.

InNexus is headquartered in British Columbia with principal management based in Scottsdale, Arizona on the campus of Mayo Clinic and has its own in-house developmental facilities. These development resources provide validation of protein and peptide discoveries, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. To learn more about InNexus, please visit www.ixsbio.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.


'/>"/>
SOURCE InNexus Biotechnology Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. InNexus Biotechnology Announces New Patents Protecting Novel Cell Penetrating DXL(TM) Antibodies
2. FDA Provides A Positive Review of InNexus Biotechnology Development Plan for Lead Product
3. InNexus Completes Previously Announced Private Placement
4. InNexus Biotechnology Announces New EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
5. InNexus Biotechnology Receives Patent Grants in Europe
6. InNexus Biotechnology CEO to Present at the 7th Annual BIO Investor Forum
7. InNexus Biotechnology CEO to Present at BioContactQuebec 2008
8. St. Josephs Hospital and InNexus Biotechnology Enter Collaborative Partnership
9. InNexus Biotechnology Strengthens Patent Team With New Leadership
10. InNexus Biotechnology CEO to Present at The Wall Street Analyst Forum in NYC
11. InNexus Biotechnology Announces Launch of Large Scale Primate Study of DXL625
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... LAGUNA HILLS, Calif. , Oct. 11, 2017 ... London (ICR) and University of ... prognostic tool to risk-stratify patients with multiple myeloma (MM), in ... nine . The University of Leeds ... by Myeloma UK, and ICR will perform the testing services ...
(Date:10/10/2017)... , ... October 10, 2017 , ... San Diego-based team ... its corporate rebranding initiative announced today. The bold new look is part of ... the company moves into a significant growth period. , It will also expand its ...
(Date:10/10/2017)... -- International research firm Parks Associates announced today that ... TMA 2017 Annual Meeting , October 11 in Scottsdale, Arizona ... market and how smart safety and security products impact the competitive landscape. ... Parks Associates: Smart Home Devices: Main Purchase ... "The residential security market has experienced continued growth, ...
(Date:10/9/2017)... DIEGO , Oct. 9, 2017  BioTech ... biological mechanism by which its ProCell stem cell ... critical limb ischemia.  The Company, demonstrated that treatment ... amount of limbs saved as compared to standard ... the molecule HGF resulted in reduction of therapeutic ...
Breaking Biology Technology:
(Date:4/13/2017)... , April 13, 2017 UBM,s Advanced ... will feature emerging and evolving technology through ... Innovation Summits will run alongside the expo portion of ... sessions, panels and demonstrations focused on trending topics within ... advanced design and manufacturing event will take place June ...
(Date:4/11/2017)... NXT-ID, Inc. (NASDAQ:   NXTD ) ("NXT-ID" or ... independent Directors Mr. Robin D. Richards and Mr. ... the company,s corporate governance and expertise. ... Gino Pereira , Chief Executive Officer said," ... and benefiting from their considerable expertise as we move forward ...
(Date:4/4/2017)... --  EyeLock LLC , a leader of iris-based identity ... and Trademark Office (USPTO) has issued U.S. Patent No. ... iris image with a face image acquired in sequence ... th issued patent. "The issuance ... multi-modal biometric capabilities that have recently come to market ...
Breaking Biology News(10 mins):