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INVION LIMITED — Capital/Financing Update 2010
Dec 13, 2010
65148_rns_2010-12-13_2d5aa4da-e568-4075-a22e-7d3d25a5dbf7.pdf
Capital/Financing Update
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14 December 2010
The Manager Company Announcements Office ASX Limited 20 Bridge St SYDNEY NSW 2000
Dear Sir,
CAPITAL RAISING UPDATE
CBio Limited (ASX:CBZ) is pleased to announce that it has completed the placement of the remaining shortfall shares under its recent $9.3 million Rights Issue.
The Company raised $4.2 million through the placement of 26,548,092 shortfall shares at $0.16 per share. There are 139,892,779 ordinary fully paid shares on issue following the allotment of all shares under the Right’s Issue.
The placement of these Shortfall shares completes the $9.3 million Right’s Issue, with the Company raising $5.1 million from existing shareholders under the offer which closed on 27 October. CBio engaged the services of the Adelaide stockbroking firm Baker Young to act as corporate advisors to the offer.
CBio is progressing with the completion of its 150-patient phase IIa clinical trial in Rheumatoid Arthritis, with the final patient scheduled to complete dosing by late March 2011.
REPAYMENT OF CONVERTIBLE NOTE
CBio wishes to advise that pursuant to the terms and conditions of the Convertible Loan Agreement with the SpringTree Special Opportunities Fund, LP (“SpringTree”), it will repay in cash the $150,000 convertible note issued to SpringTree which is due to mature on 16 December.
Details of the convertible notes on issue following this repayment will be as follows:
| Number | Class | ||||
|---|---|---|---|---|---|
| 1 | Convertible Note with | a face value of $125000 ex | iring 31 December | ||
| 2010. | , | ||||
| 2 | Convertible Notes wit | h a face value of $1,000,000 | each expiring 30 | ||
| June 2011 | |||||
| 2 | Convertible Notes wi | th a face value of $1,000, | 00 each expiring 31 | ||
| December 2011 | |||||
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For and on behalf of the Board of CBio Limited
BEN GRAHAM
Company Secretary
COMPANY & INVESTOR RELATIONS MEDIA LIAISON Ben Graham Melanie Farris Company Secretary Manager, Corporate Projects CBio Limited CBio Limited T: +61 7 3841 4844 T: +61 449 148 448 [email protected] [email protected]
About CBio
CBio is an Australian ASX listed company established in 2000. CBio’s lead product XToll[®] is a potential newgeneration drug therapy which could provide safer and more effective treatment of autoimmune diseases such as rheumatoid arthritis. It is currently being trialled in phase II clinical trials in patients with rheumatoid arthritis (RA). Global sales of RA therapies exceeded US$17 billion in 2008.
Novo Nordisk A/S (Copenhagen: NOVO-B.CO; NYSE: NVO), a top 20 global pharmaceutical company and world-leader in diabetes care, has an exclusive option to enter into a licence agreement for the intellectual property rights relating to XToll[®] .
CBio’s Board includes internationally experienced drug developers including Dr Goran Ando, Vice-Chairman Novo Nordisk A/S (formerly president of R&D at Pharmacia/Pfizer and R&D director of Glaxo Group, UK); Dr Peter Corr, Founder and co-General Partner of Celtic Therapeutics (formerly Senior Vice-President for Science and Technology at Pfizer and Chairman of the Board of Governors, New York Academy of Sciences); and Professor John Funder, AO, Professor of Medicine at Monash University, Senior Fellow at Prince Henry's Institute of Medical Research (formerly Director of the Baker Institute, 1990-2001).
About Rheumatoid Arthritis
Rheumatoid Arthritis is a chronic autoimmune disease, mainly characterised by inflammation of the lining of the joints. It can lead to long-term joint damage, resulting in chronic pain, loss of function and disability. The effects of RA are systemic, which means it can affect other organs in the body, and cardiovascular dysfunction in addition to RA is common. RA symptoms can make even the simplest activities – such as opening a jar or taking a walk – difficult to manage. RA has a worldwide distribution with a prevalence of 1 to 2% – which currently equates to approximately 100 million people. Prevalence increases with age, approaching 5% in women over age 55. RA is two to three times more common in women than in men and generally occurs between the ages of 40 and 60, but it can also affect young children and older adults. Currently, there is no cure.