Memorandum of Understanding between ARG Vermögensverwaltung AG ("ARG") and Compass Biotechnologies Inc. (COBI:OB) for up to a US$10,000,000 Financing
Apr 21, 2011, 09:15 ET
EDMONTON, April 21 /PRNewswire-FirstCall/ - Compass Biotechnologies (COBI:OB) is a product-oriented, specialty pharmaceutical company focused on developing products for multi-billion dollar markets. The Company is pleased to announce that it has received a Memorandum of Understanding from ARG Vermogensverwaltung AG (ARG) of Munich Germany for a financing of up to US$10,000,000.00
Subject to normal terms of due diligence the financing is to be used by Compass Biotechnologies, for the execution of the agreed upon business plan, use of proceeds and ongoing working capital needs in order to further secure the near term and future success of Compass Biotechnologies, Inc.
"ARG is very excited about the prospects of providing Compass Biotechnologies, Inc. (or its affiliates C-Pharma, Inc) with a financing of up to $10,000,000 and we look forward to a long term relationship" stated a spokesperson for ARG. Garth Likes CEO of Compass agreed "We are of course extremely pleased in receiving this support from such distinguished fund managers. We believe that mutual interests achieved through a relationship between our companies will facilitate strong growth and steady development of Compass Biotechnologies. The financing will make us a much stronger organization in the near and longer term."
The Memorandum of Understanding document defines terms and conditions to structure a financing of $10,000,000 for Compass Biotechnologies, Inc. for a yet to be determined equity interest ("Ownership Interest") in the capital stock of Compass Biotechnologies, Inc. The plan is to then further introduce Compass Biotechnologies, to ARG's vast network of financial professionals, funds, banks, financial institutions, procedures and know-how, as well as ARG's contact base in order to support financings and future accelerated growth for Compass Biotechnologies, Inc.
ABOUT COMPASS BIOTECHNOLOGIES INC.
Compass Biotechnologies is a publically-traded specialty pharmaceutical company (COBI:OB) with headquarters in Edmonton, Alberta. The mission of Compass is to develop new and exciting biosimiliar and bio better drug products that can bring revenue generation to the company in a near term fashion. A recent agreement with PanGen to supply protein active pharmaceutical ingredients to facilitate this mission was announced recently.
Further Compass under a license from the National Institutes of Health (NIH) has opportunities to develop products from the platform technology available and or sub licensee these opportunities to other interested partners. Compass Biotech also owns a subsidiary company called C-Pharma Inc.
ABOUT C-PHARMA INC.
C-Pharma's technology encompasses the use of recombinant DNA technology to manufacture virus like particles (VLPs). These VLPs can be engineered to incorporate various viral and non-viral antigens for use as vaccines against many different types of targets such as Hepatitis C. The recombinant antigens presented in the context of a VLP carrier system are much more immunogenic than the antigen alone, and this carrier is so powerful that the subsequent vaccine may not require the use of immune adjuvants. Cyplasin is using the technology to develop a Hepatitis C vaccine to prevent hepatitis C viral infection of liver hepatocytes. The Company is also pursuing a revenue generation strategy by commercializing generic therapeutic drugs for use in the Hepatitis C market.
Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, the competitive and regulatory environments, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that our beliefs, plans, expectations and intentions contained in this current report are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act.
SOURCE Compass Biotechnologies Inc.