OTTAWA, Ontario, June 8, 2016 /PRNewswire/ -- The Board of Directors of VMS Rehab Systems Inc. reported today that its generic drug unit BioPharmcor B.V., launched this week its first private placement of class A voting shares. The Offering which has priced BioPharmcor B.V. ordinary A shares at eurocents 0.75 per share will be limited to 149 prospective investors. BioPharmcor B.V. has currently approximately 27 million common A shares outstanding at this time.
According to Dawid Mrotek, BioPharmcor's Director of Investor Relations, "BioPharmcor has a very exciting and focussed development program in place to develop a pipeline of generic drug products to improve Men's health. We have successfully funded our development program to date through a corporate bond program which we will continue to offer through our Poland based unit BioPharmcor Sp. z o.o." Adds Mr Mrotek, "We have taken note of the fact that there is a large contingency of investors who have an interest in investing in the shares of BioPharmcor B.V., the group's parent company. We anticipate that should we receive a strong demand for BioPharmcor shares in this initial round of the Company's private placement, we may well expand this funding strategy in conjunction with our debt offerings to address future requirements."
The BioPharmor Group is currently developing a generic tadalafil drug product which is recognized as a first line treatment for Erectile Dysfunction (ED) and Benign Prostatic Hyperplasia (BPH). Proceeds from the Company's private placement offering will be used for further development work.
Established in 2014, Amsterdam based BioPharmcor B.V., has two operating subsidiaries, BioPharmcor Sp. z o.o. in Warsaw, Poland and BioPharmcor Inc, in Ottawa, Canada.
VMS Rehab Systems Inc. was established as a Canadian incorporated company in 1998. In addition to controlling BioPharmcor B.V., VMS Rehab Systems Inc. has been active in the home health market in North America for the past 18 years. More recently, the Company has been evaluating additional market opportunities to grow its business into a fully integrated Health Industry company.
VMS Rehab Systems Inc. operates through its offices in Ottawa, Canada and affiliated BioPharmcor offices in Amsterdam, The Netherlands and Warsaw, Poland.
The shares of VMS Rehab Systems Inc. are quoted on the OTC Market 'pink current' symbol: VRSYF.
FORWARD-LOOKING INFORMATION: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained here.
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SOURCE VMS Rehab Systems Inc.