CHITOGENX ANNOUNCES UP TO $4.35 MILLION PRIVATE PLACEMENT PURSUANT TO THE LISTED ISSUER EXEMPTION
Summary
The Agents Option may be exercised in whole or in part at any time up to 48 hours prior to the Closing Date (the "Agents Option"), subject to limitations prescribed by the LIFE exemption.The Company will use the net proceeds of the Offering to complete enrollment of our Rotator Cuff Tear Repair U.S. phase I/II clinical trial program, and for working capital and general corporate purposes.At the closing of the Offering, the Company shall pay to the Agents a cash commission equal to 8.0% of the gross proceeds of the Offering (including any exercise of the Agents Option) and will issue to the Agents a number of non-transferable warrants of the Company (the "Broker Warrants") equal to 8.0% of the number of Units sold under the Offering, each Broker Warrant exercisable for a period of 24 months following the closing of the Offering to acquire a Unit at an exercise price equal to the Issue Price, subject to adjustment in certain events. The Company is committed to the clinical development of its proprietary ORTHO-R technology platform, a muco-adhesive CHITOSAN based biopolymer matrix, specifically designed to deliver biologics such as platelet-rich plasma (PRP) or bone marrow aspirate concentrate (BMAC), to enhance healing in various Regenerative Medicine Applications. Further information about ChitogenX is available on the Companys website at www.chitogenx.com and on SEDAR at www.sedar.com.This news release may contain certain forward-looking statements regarding the Companys expectations for future events, including statements regarding completion of the Offering and Concurrent Private Placement and the date thereof, and the listing of the Shares composing the Units and the Warrant Shares. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.For further information: Philippe Deschamps, President & Chief Executive Officer, 614-596-2597, [email protected] or Luc Mainville, Senior Vice President & Chief Financial Officer, 514-693-8854, [email protected] or Frederic Dumais, Director Communications & Investor Relations, 514-693-8847, [email protected]