Looks like they are well funded even in the current climate which gives confidence to their long term prospects....
Appendix 3B - Immunology Valued at $52.5 M
NORWOOD ABBEY LIMITED 2003-06-23 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ KEY POINTS:
* Norwood Immunology raises $2.4 million
* Shares to be issued at $52.5M valuation.
Norwood Abbey Ltd wishes to advise that the company's subsidiary, Norwood Immunology Pty Ltd, has entered into arrangements with respect to its first capital raising - as foreshadowed at the AGM in November 2002. Norwood Immunology has received commitments from investors for a minimum of $2.4 million that will be used primarily as working capital particularly in respect to extending the company's international 'immunology' patent position which already includes in excess of 100 international filings. The capital raising values Norwood Immunology at $52.5 million.
Chairman of Norwood Immunology, Mr Peter Hansen said "The willingness of investors to participate in this placement, especially in the current economic climate , has been extremely pleasing. At a time when Norwood Abbey's market capitalisation is approximately $60 to $70 million, we believe that the investment in Norwood Immunology is a very strong endorsement of the potential value of the project as well as the Company's business plan and management."
Recently appointed CEO of Norwood Immunology, Mr Richard Williams stated, "This initial fundraising coupled with a significant market valuation will be beneficial in respect to the company's plans to list on a international stock exchange".
As advised recently, Norwood Immunology has taken out a full license with Monash University (via conversion of its earlier research option arrangements) over all of the immunology project intellectual property. As part of these arrangements with Monash University's commercial arm, Monash Commercial Pty Ltd, Norwood - in exchange for a small equity position - was able to substantially reduce its current and future obligations re license fees and ongoing royalties.
After the issue of shares related to the above capital raising, Monash Commercial Pty Ltd will own approximately 3.% of the company, while Norwood Abbey will retain in excess of 90% of Norwood Immunology.
Coupled with the above raising for Norwood Immunology, Norwood Abbey has raised $3.4 million committed to Norwood Abbey. In addition, Norwood Abbey has the right to call at anytime the balance of $3.8 million on the earlier issue of Partly Paid shares.
To find out more about the company, visit www.norwoodabbey.com
Australia Company Contacts U S Investor Contacts Peter Hansen, EXECUTIVE CHAIRMAN Lippert Heilshorn & Assoc 613-9782-7333 Kim Sutton Golodetz [email protected] Bernie Romanin, 212-838-3777 DIRECTOR OF MARKETING 613-9782-7333 Bruce Voss 310-691-7100 [email protected] www.lhai.com
NAL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
