St. Marys, West Virginia
ProtoKinetix, Incorporated (OTCQB:PKTX) (the “Company” or “ProtoKinetix”) (www.protokinetix.com) is pleased to announce that it has raised US $166,000 with the sale of 4,150,000 shares of common stock at US $0.04 per share in the first tranche of a non-brokered private placement (the “Offering”) that closed on June 16, 2016.
ProtoKinetix has a binding commitment for an additional sale of 1,850,000 shares for proceeds of US $74,000 that will close on or before June 30, 2016. Clarence E. Smith, ProtoKinetix’s President and Chief Executive Officer, made an investment $100,000 for the purchase of 2,500,000 shares in the Offering.
This press release shall not constitute an offer of securities in the United States or any other jurisdiction. The securities referenced in this press release are not currently registered under the Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold in the absent registration or an applicable exemption from the registration requirements. The securities are subject to resale restrictions under applicable securities laws.
ProtoKinetix has also secured an Operating Line of Credit (LOC) of US $250,000 at 5% interest only from Pleasants County Bank of West Virginia. The LOC has been secured with the patent rights for the AAGP® molecule for transplanted neuronal cells for age-related macular degeneration and has been personally guaranteed by Clarence E. Smith.
“The fact that we can secure an operating line, with our patent rights as collateral, shows how much value has been added to this company and our molecule in the last year,”said Mr. Smith.
ProtoKinetix, Incorporated is a molecular biotechnology company that has developed and patented a family of hyper stable, potent glycopeptides (AAGP®) that enhance both engraftment and protection of transplanted cells used in regenerative medicine. Due to the results achieved over the last four years of testing the company is now preparing a submission to enter into a Phase 1/2 human clinical trial at the University of Alberta. Additional studies will be expanded to include whole organ transplantation and other cell therapies used in regenerative medicine.
Cautionary Note Regarding Forward-Looking Statements
The information discussed in this press release includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). All statements, other than statements of historical facts, included herein concerning, among other things, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward looking statements. These forward looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and are not (and should not be considered to be) guarantees of future performance. Among these risks are those set forth in a Form 10-K filed on March 30, 2016. It is important that each person reviewing this release understand the significant risks attendant to the operations of ProtoKinetix. ProtoKinetix disclaims any obligation to update any forward-looking statement made herein.
For further information, please contact:
Clarence E. Smith
President and Chief Executive Officer