Imutec Corp. announced Friday that it has filed with theOntario Securities Commission a preliminary prospectusrelating to a proposed follow-on offering of newly issuedshares of common stock (CDN:IMUT; NASDAQ:IMUTF).
First Marathon Securities Ltd. will offer the shares on a best-efforts basis.
Imutec, which is developing biological response modifiers astherapeutics for treating cancer and other diseases, intends touse the proceeds for further developing its product Virulizin,including expanding and accelerating ongoing clinical trials ofVirulizin for treating malignant melanoma at Canadian andinternational medical centers.
Imutec netted U.S.$4.03 million (C$5 million) in November1992 from the exercise of more than 95 percent of itsoutstanding warrants, which resulted in roughly U.S.$7.25million in working capital for the company. The exercisedwarrants brought the company's number of outstanding sharesto 20 million.
Imutec, which was incorporated as RML Medical LaboratoriesInc. in 1986, went public as the result of a reverse takeover ofMint Gold Resources Ltd. in 1991. It changed its name toImutec in August 1992. -- Jennifer Van Brunt
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