Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > ViRexx Announces Failure to Secure an Alternative Equivalent Funder to Replace LM Funds Corp.

Abstract:
ViRexx Medical Corp. (TSX:VIR) (AMEX:REX), a company focused on developing innovative-targeted therapeutic products that offer better quality of life and a renewed hope for living announces that it has been unable to secure alternative equivalent financing to replace the funding LM Funds Corp. ("LM") failed to advance as the Standby Guarantor for the Company's rights offering.

ViRexx Announces Failure to Secure an Alternative Equivalent Funder to Replace LM Funds Corp.

Edmonton, AB, Canada | Posted on September 15th, 2008

As a result of LM's failure to meet its standby commitment related to the Company's rights offering and the lack of alternative equivalent financing, the following actions have taken place:

- The following members of the Board have tendered their resignation effective September 14, 2008: Jacques LaPointe, Douglas Gilpin, Yves Cohen and Michael Marcus;

- Darrell Elliott will remain as Chairman of the Board of Directors and interim Chief Executive Officer;

- All other officers of the Company, including the Chief Financial Officer, Brent Johnston, CA, have resigned effective September 14, 2008; and

- All of the employees of the Company have been laid off indefinitely.

Management intends to appoint an operating committee to manage the day-to-day operations of the Company and oversee an orderly restructuring of its assets.

Shareholders who deposited funds for the purchase of common shares under the rights offering will receive a full refund of their subscription funds from the Company through Computershare Investor Services Inc., the Subscription Agent under the rights offering.

####

About ViRexx Medical Corp.
ViRexx is a Canadian-based development-stage biotech company focused on developing innovative-targeted therapeutic products that offer better quality of life and a renewed hope for living. Our platform technologies include product candidates for the treatment of Hepatitis B, Hepatitis C, avian influenza viral infections, biodefence and nanoparticle applications, select solid tumors and late-stage ovarian cancer.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

The TSX has not approved or disapproved of the information contained herein.

For more information, please click here

Contacts:
ViRexx Medical Corp.
Darrell Elliott
Chairman and Chief Executive Officer
(780) 433-4411
(780) 436-0068 (FAX)
Email:

Copyright © Marketwire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Radiation-guided nanoparticles zero in on metastatic cancer July 1st, 2016

Synthesized microporous 3-D graphene-like carbons: IBS research team create carbon synthesis using zeolites as a template July 1st, 2016

No need in supercomputers: Russian scientists suggest a PC to solve complex problems tens of times faster than with massive supercomputers June 30th, 2016

Surprising qualities of insulator ring surfaces: Surface phenomena in ring-shaped topological insulators are just as controllable as those in spheres made of the same material June 30th, 2016

Investments/IPO's/Splits

Nanometrics to Participate in the 8th Annual CEO Investor Summit: Investor Event Held Concurrently with SEMICON West 2016 in San Francisco June 22nd, 2016

Artificial synapse rivals biological ones in energy consumption June 21st, 2016

NanoLabNL boosts quality of research facilities as Dutch Toekomstfonds invests firmly June 10th, 2016

Nanometrics Announces Upcoming Investor Events May 10th, 2016

Nanomedicine

Radiation-guided nanoparticles zero in on metastatic cancer July 1st, 2016

A drop of water as a model for the interplay of adhesion and stiction June 30th, 2016

How cancer cells spread and squeeze through tiny blood vessels (video) June 30th, 2016

Building a smart cardiac patch: 'Bionic' cardiac patch could one day monitor and respond to cardiac problems June 28th, 2016

Announcements

Radiation-guided nanoparticles zero in on metastatic cancer July 1st, 2016

Synthesized microporous 3-D graphene-like carbons: IBS research team create carbon synthesis using zeolites as a template July 1st, 2016

No need in supercomputers: Russian scientists suggest a PC to solve complex problems tens of times faster than with massive supercomputers June 30th, 2016

Surprising qualities of insulator ring surfaces: Surface phenomena in ring-shaped topological insulators are just as controllable as those in spheres made of the same material June 30th, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







Car Brands
Buy website traffic