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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/08/15 -- BioMmune Technologies Inc. (TSX VENTURE: IMU) (the "Company") is pleased to announce that it has closed its non-brokered private placement announced on May 3rd, 2015. The Company has issued 5,000,000 units (each a "Unit") at a price of CDN$0.20 per unit, for gross proceeds of CDN$1,000,000. Each Unit consists of one common share and one full common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of CDN$0.30 per share for a period of eighteen months up to and including December 8th, 2016,, subject to an exercise acceleration clause. Under the exercise acceleration clause, which the Company may exercise once the Units are free of resale restrictions and if the Company's shares are trading at or above a volume weighted average price of $0.50 for 10 consecutive trading days, the Warrants will expire upon 30 days from the date the Company provides notice in writing to the Warrant holders via a news release. A cash finder's fees of CDN$70,400 was paid on a portion of the financing. All securities issued are subject to a hold period of four (4) months and one day and as such may not be traded until October 9th, 2015. The net proceeds from the sale of units have been added to working capital in furtherance of the Company's business.
BioMmune Technologies Inc. is a biopharmaceutical company headquartered in Vancouver, Canada. BioMmune is developing three technologies discovered at The University of British Columbia. They include, discovery of compounds that will be active in restoring immune-recognition of cancer cells resulting in the body's immune system to fight the cancer cells. A discovery relating to Channels, whose activities regulate activity of cells involved in the immune system to improve their ability to combat cancers, infections and also autoimmunities. Furthermore, the company is pursuing the modulation of CD74, a protein involved in the immune system and its ability to fight foreign antigens. Finding ways or compounds that regulate its activity will improve the immune system to combat infections, cancers and autoimmune diseases. BioMmune trades on the TSX Venture Exchange under the symbol "IMU".
Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments express or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: or future products in our targeted corporate objectives; our future operating results are uncertain and likely to fluctuate; we may we may not be successful in either preclinical or clinical trials and not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and the costs of launching our products may be greater than anticipated; we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward- looking statements and information to reflect subsequent events or circumstances, except as required by law.
On Behalf of the Board of Directors
Dr. Reinhard Gabathuler, President
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."Contacts: BioMmune Technologies Inc. Dr. Reinhard Gabathuler President 1 (514) 963-6177 NEXT ARTICLE
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