WINNIPEG, Manitoba - (December 24, 2003). Medicure
Inc. (TSX:MPH), a cardiovascular drug discovery and development
company, announced today that investors exercised 99% of the Corporation's
common share purchase warrants and agents' compensation units for
proceeds of $14,578,750. The warrants and agents' compensation units,
which expired on December 20, 2003, were part of Medicure's public
offering that closed on December 20, 2001.
Each common share purchase warrant entitled the holder to acquire,
on or before December 20, one common share of the Corporation upon
payment of an exercise price of $0.81 per share. A total of 16,813,272
warrants were exercised. In addition, 1,538,461 agents' compensation
units were exercised at a price of $0.65. Each of these agents'
compensation units consisted of one common share and one common
share purchase warrant.
"This clearly shows the level of confidence our investors
have in the Company and our drug discovery program," stated
Albert D. Friesen, Ph.D, Medicure's President and Chief Executive
Officer. "This additional $14.6 million further strengthens
our already solid financial position and will enable us to fund
the Phase II clinical trial on coronary bypass surgery and our larger
Phase II/III trial on hypertension next year."
The Company currently has cash and cash equivalents totaling $22,700,000.
About Medicure
Inc.
Medicure
Inc is a cardiovascular drug discovery and development
Company focused on developing effective therapeutics for unmet needs
in the field of cardiovascular medicine. The Company's lead drug,
MC-1, is focused on the prevention and treatment of ischemia, ischemic
reperfusion injury, and stroke. The cardiovascular and stroke market
is the largest pharmaceutical sector with annual global sales of
over US $70 billion.
The Company's second product candidate, MC-4232, is being targeted
for the treatment of hypertension, a common disorder in which blood
pressure remains abnormally high. Approximately 73% of the more
than 50 million adult Americans who have hypertension, are not adequately
treated.
Medicure also has a medicinal chemistry based Drug Discovery program
focused on discovery and advancement of novel small molecule, anti-ischemics
and anti-thrombotics towards human clinical studies.
This news release
contains forward-looking statements that involve risks, which may
cause actual results to differ materially from the statements made,
and accordingly may be deemed to be forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The forward-looking statements are
made as of the date hereof, and the Company disclaims any intention
and has no obligation or responsibility to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
For more information, please contact:
Derek Reimer
Chief Financial Officer
Don Bain
Director of Investor & Public Relations
