Nice close as well....
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
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