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ARIUS Announces First Quarter Fiscal 2006 Financial Results
ARIUS Announces First Quarter Fiscal 2006 Financial Results.
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\n\nTSX Venture Exchange: ARI\n\nTORONTO, April 28 /CNW/ - ARIUS Research Inc. (\"ARIUS\" or the \"Company\")\n(TSX-V: ARI) today announced its financial results for the quarter ended\nFebruary 28, 2006. All amounts are in Canadian dollars, unless otherwise\nindicated.\nDuring the first quarter of fiscal 2006, ARIUS achieved a number of key\ncorporate objectives and milestones, significantly strengthening the financial\nposition of the Company, including:\n\n- Completing $24.5 million (US $21.5 million) first tranche of a private\n placement;\n- Securing US $2 million convertible bridge loan facility;\n- U.S. patent No. 7,009,040 issued for ARIUS' lead anti-CD63 antibody,\n AR7BD-33-11A; and\n- Listed on the 2005 TSX Venture 50, as one of the top 50 public venture\n capital companies listed on the TSX Venture Exchange.\n\nSubsequent to the quarter end, ARIUS received significant validation of\nits technology and further strengthened its financial position by:\n\n- Completing a $1.7 million (US $1.2 million) second tranche of the\n private placement for total gross proceeds raised of approximately\n $26.2 million (US $22.7 million);\n- Licensing a lead antibody program to Genentech, Inc. (\"Genentech\")\n (NYSE: DNA) for an upfront licensing fee, milestone payments based on\n progress through clinical development and royalties on net sales; and\n- Signing a three-year collaboration to look for novel cancer treatments\n with Takeda Pharmaceutical Company Limited (\"Takeda\") (Tokyo Stock\n Exchange: 4502), for an upfront technology access fee of\n US $2.0 million, as well as milestone payments based on progress\n through clinical development plus royalties on net sales for any\n licensed product.\n\nConvertible Bridge Loan\nOn December 14, 2005, ARIUS completed a convertible bridge loan facility\nin the amount of US $2,000,000 from Xmark Opportunity Fund, L.P. and\naffiliated funds (\"Xmark\"). The loan is convertible at Xmark's option, in\nwhole or in part, into common shares of ARIUS (\"Common Shares\") at a price of\n$0.80 per Common Share, bears an annual interest rate of 13.25% and is\nrepayable no later than December 14, 2007. In relation to the loan, ARIUS paid\nan upfront structuring fee and issued to Xmark 2,224,125 Common Share purchase\nwarrants. Each warrant entitles Xmark to purchase one Common Share at a price\...