Navigation Links
InNexus Completes Previously Announced Private Placement
Date:1/27/2009

BRITISH COLUMBIA, Canada, Jan. 27 /PRNewswire-FirstCall/ -- InNexus Biotechnology Inc. (OTC Bulletin Board: IXSBF; TSX VENTURE: IXS; http://www.ixsbio.com), announced today that it has completed a second private placement on the same terms and conditions as the private placement that was completed 12 December 2008.

The private placement, totaled $2,207,000 of 10% unsecured convertible debentures. Each Debenture will be convertible into common shares of InNexus at the rate of one common share for each $0.10 of debt converted. The Debenture will have a term of 2 years. In the course of this private placement, InNexus has redeemed $624,000 in value of preferred shares which was reinvested by the holder of such redeemed preferred shares in the Debenture. Net proceeds from the private placement which is approximately $911,000 will be used by InNexus for research and development and general corporate business.

In connection with the private placement, certain insiders of InNexus comprised of the Chairman & CEO, some members of the Board and senior management, participated on the same terms in the offering for an aggregate of approximately 19% of the issued Debenture. InNexus paid a $7,000 finders' fee or 7% of the proceeds was paid to an investment company 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. The transaction is, however, 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 percent 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 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 EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
2. InNexus Biotechnology Receives Patent Grants in Europe
3. InNexus Biotechnology CEO to Present at the 7th Annual BIO Investor Forum
4. InNexus Biotechnology CEO to Present at BioContactQuebec 2008
5. St. Josephs Hospital and InNexus Biotechnology Enter Collaborative Partnership
6. InNexus Biotechnology Strengthens Patent Team With New Leadership
7. InNexus Biotechnology CEO to Present at The Wall Street Analyst Forum in NYC
8. InNexus Biotechnology Announces Launch of Large Scale Primate Study of DXL625
9. InNexus Biotechnology CEO and Chief Scientific Officer to Present at IBCs Annual World Congress Conference in Boston on Aug 6th
10. DiFUSION Technologies Completes Successful Testing of Antimicrobial Spinal Implant
11. Mach One Completes Note Exchange
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... , June 27, 2016  Sequenom, Inc. (NASDAQ: ... enabling healthier lives through the development of innovative products ... the United States denied its ... the claims of Sequenom,s U.S. Patent No. 6,258,540 (",540 ... criteria established by the Supreme Court,s Mayo Collaborative Services ...
(Date:6/27/2016)... 27, 2016  Liquid Biotech USA ... of a Sponsored Research Agreement with The University ... (CTCs) from cancer patients.  The funding will be ... correlate with clinical outcomes in cancer patients undergoing ... then be employed to support the design of ...
(Date:6/24/2016)... ... 24, 2016 , ... Researchers at the Universita Politecnica delle Marche in Ancona ... or pleural mesothelioma. Their findings are the subject of a new article on the ... are signposts in the blood, lung fluid or tissue of mesothelioma patients that can ...
(Date:6/23/2016)... June 23, 2016 A person commits a crime, ... scene to track the criminal down. An outbreak ... and Drug Administration (FDA) uses DNA evidence to track down ... Sound far-fetched? It,s not. The FDA has increasingly used ... investigations of foodborne illnesses. Put as simply as possible, whole ...
Breaking Biology Technology:
(Date:5/20/2016)... May 20, 2016  VoiceIt is excited to ... VoicePass. By working together, VoiceIt and ... VoiceIt and VoicePass take slightly different approaches to ... both security and usability. ... this new partnership. "This marketing and ...
(Date:5/9/2016)... Elevay is currently known as ... for high net worth professionals seeking travel for work ... world, there is still no substitute for a face-to-face ... your deal with a firm handshake. This is why ... of citizenship via investment programs like those offered by ...
(Date:4/28/2016)... 28, 2016 First quarter 2016:   ... compared with the first quarter of 2015 The gross ... M (loss: 18.8) and the operating margin was 40% (-13) ... Cash flow from operations was SEK 249.9 M (21.2) , ... is unchanged, SEK 7,000-8,500 M. The operating margin for ...
Breaking Biology News(10 mins):