WINNIPEG, Manitoba - (June 26, 2003) - Medicure
Inc. (TSE:MPH), a cardiovascular drug discovery and development
company, is pleased to announce that it has closed its previously
reported equity financing.
Under the terms of the Agency agreement, a syndicate led by Research
Capital Corporation, and including First Associates Investments
Inc. and Paradigm Capital Inc. (the "Agents"), sold by
way of private placement, 8,200,000 common shares at a price of
$0.85 per share, representing gross proceeds of approximately $7,000,000.
In addition, the Agents exercised the over-allotment option to increase
the size of the Offering up to a total of 8,997,632 common shares,
on the same terms and conditions as the initial Offering, for total
gross proceeds to the Company of $7,650,000.
The net proceeds of this offering, together with existing cash
resources, will allow Medicure to accelerate clinical development
of both its lead compound, MC-1, along with its recently announced
new drug candidate, MC-4232. The proceeds also will be used to support
and enhance the Company's ongoing drug research and discovery programs.
"The over subscription of this Offering is a clear indication
that we have earned the confidence and support from several significant
institutional investors and represents a strong endorsement of both
our primary products," stated Albert D. Friesen, Ph.D, Medicure's
President and Chief Executive Officer.
After giving effect to this transaction, Medicure has 47.5 million
common shares issued and outstanding. The Company's projected cash
resources as at June 30, 2003, including proceeds from this offering,
are estimated to be CDN$10.8 million.
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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