WINNIPEG, Manitoba - (June 13, 2003). In response to institutional
interest, Medicure Inc. (TSX:MPH), a cardiovascular drug discovery
and development company, is pleased to announce that it has entered
into an Agency agreement with a syndicate led by Research Capital
Corporation, and including First Associates Investments Inc. and
Paradigm Capital Inc. (the "Agents"), for the issuance
and sale of 8,200,000 common shares at a price of $0.85 per share
representing gross proceeds of approximately $7,000,000. The Agents
have also been granted an over-allotment option, exercisable at
any time until 30 days following the Closing, to increase the size
of the Offering up to a total of approximately 9,000,000 shares,
on the same terms and conditions as the initial Offering. Total
gross proceeds including the exercise of the over-allotment option
would be $7,650,000. It is expected that the deal will close on
or about June 26, 2003, subject to regulatory approval.
"In January of this year, Medicure announced positive results
from our Phase II study to establish the efficacy and safety of
Medicure's lead compound, MC-1, as a cardioprotective treatment
to reduce heart damage associated with acute ischemic and reperfusion
injury," said Albert D. Friesen, Ph.D, Medicure's President
and Chief Executive Officer.
"This financing will enable us to build on our recent successes,
accelerating the timetable for advancing this and other clinical
development programs towards the market," he stated.
"We are very pleased to have some of the most knowledgeable
and sophisticated biotech investors participating in this private
placement financing. We feel that this commitment from these institutional
investors represents a strong endorsement of both our lead product,
MC-1, and our latest drug candidate, MC-4232 and our upcoming clinical
activities," added Dr. Friesen.
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 lead drug, MC-1, is
focused on the prevention and treatment of ischemia, ischemic reperfusion
injury, and stroke. The cardiovascular and stroke markets are the
largest pharmaceutical markets with annual global sales of over
US $70 billion. In the United States alone, more than 7 million
patients suffer some form of Acute Myocardial Infarction (heart
attack) annually, 6.2 million suffer from angina and 3.0 million
undergo bypass surgery or angioplasty procedure.
MC-1, has shown strong potential for treating various forms of
cardiovascular diseases and stroke The traditional classes of cardiovascular
drugs, such as beta-blockers, ACE inhibitors, and calcium channel
blockers have not filled the gap in effectiveness required to stem
the increase in cardiovascular disease. MC-1 has demonstrated the
ability to become a key therapeutic agent in the fight against cardiovascular
diseases and stroke as a new class of drug. Additionally, the naturally
occurring lead drug is used as a scaffold to developing a new class
of therapeutics, which focus on cardioprotection against ischemic
reperfusion injury and stroke.
This press 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
Medicure Inc.
888-435-2220
204-488-9823 fax
info@medicure.com
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