Imutec Corp. (NASDAQ:IMUTF) announced that it netted$US4.03 million ($C5 million) from the exercise of more than 95percent of its outstanding warrants. This gives the Scarborough,Ontario, biotech company about $7.25 million in workingcapital.

"These funds will allow the company to accelerate the scientificand clinical programs related to the marketing approval ofVirulizin and to broaden the application of the company'stechnology to other diseases," said Richard Potts, president andchief executive officer. Virulizin, a "naturally derivedimmunologic pharmaceutical," is now in Phase II clinical trialsfor malignant melanoma and for pancreatic, kidney, stomachand recurrent rectum and colon cancers.

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