PCI Biotech Raises NOK90 Million in Rights Issue

PCI Biotech Raises NOK90 Million in Rights Issue
Following highly promising head and neck results, light mediated therapy development pipeline to be extended to other cancer indications

June 10, 2010 06:44 AM Eastern Daylight Time 
LYSAKER, Norway--(EON: Enhanced Online News)--The Oslo-Axess-listed Norwegian biopharmaceutical company PCI Biotech Holding ASA ("PCI Biotech") today announced that it has raised NOK90 million through a new rights issue. The company received subscriptions for a total of approximately 3.36 million new shares. The initial offering was and remains 2,250,000 new shares, and the rights issue was thus oversubscribed by approximately 50 percent.

CEO Per Walday commented: "We are very satisfied with the share issue being oversubscribed. The capital increase of NOK 90 millions will enable us to complete the planned clinical development for 3 to 4 selected cancer indications. When you take into account this strengthened cash position and the very promising results achieved so far in the ongoing Phase I/II study at University College Hospital in London, we are now well positioned for the further development of both our pipeline and PCI Biotech as a company",

The final allocation of the shares offered in the rights issue is expected to be resolved by the Board of Directors of PCI Biotech on or around June 15, 2010 in accordance with the allocation criteria set out in the prospectus dated May 25, 2010. The final result of the rights issue is expected to be published on or around June 16, 2010