WOODBRIDGE, ONTARIO--(Marketwire - Sept. 22, 2011) - Pivotal Therapeutics Inc. (CNSX:PVO), a specialty pharmaceutical company with a focus on the treatment of cardiovascular disease, is pleased to announce it has raised a total of CDN $2,679,098 in net proceeds to the company through the successful exercise of 10,716,392 common stock purchase warrants. The warrants, issued as part of a non-brokered private placement issued on November 30, 2010 and February 2, 2011, were exercised at CDN $0.25 prior to their expiry on September 16, 2011.
In making the announcement, Eugene Bortoluzzi, Chief Executive Officer and Chief Financial Officer of Pivotal Therapeutics commented on the high level of warrant holder participation, "Clearly this level of investor participation demonstrates the confidence our investors have in our company. We are gratified by the fact that 90% of our investors have elected to exercise their warrants and increase their investment in Pivotal."
The additional funds provided by the exercise of warrants will facilitate Pivotal's progress towards the commercialization of its lead therapeutic, VASCAZEN™.
About Pivotal Therapeutics Inc.
With offices in Toronto, Canada and Boca Raton, Florida, Pivotal Therapeutics is a publicly traded (CNSX:PVO) specialty pharmaceutical company with a focus on the treatment of cardiovascular disease. Pivotal Therapeutics' lead product VASCAZEN™ is a prescription medical food formulated to meet the dietary Omega-3 deficient needs of patients with cardiovascular disease through elevating Eicosapentaenoic (EPA) and Docosahexaenoic (DHA) to levels associated with reduced risk of cardiovascular complications.
VASCAZEN™ is a >90% pure, proprietary EPA:DHA fatty acid formulation, protected by a series of both issued and pending US and foreign patents and commercialized by prescription only. This unique formulation will provide the cornerstone upon which a family of cutting edge combination products, with efficacy across a broad spectrum of cardiac care, will be commercialized.
The information contained in this document is as of September 22, 2011. This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Pivotal's actual results to differ materially from those projected in such forward-looking statements. These statements can be identified by the use of words such as "will", "anticipate", "estimate", "expect", "project", "forecast", "intend", "plan", "believe", "project", "potential", and similar expressions with any discussion of future operating or financial performance or events. In particular, factors that could cause actual results to differ materially from those in forward looking statements include the following: Pivotal's inability to obtain additional financing on acceptable terms; growth in costs and expenses; inability to compete with others who provide comparable products; risk that the Company's products will not gain widespread market acceptance; risks relating to the Company's ability to maintain its CSNX listing. Forward-looking statements speak only as of the date made and are not guarantees of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this document as a result of new information or future events or developments.