ProtoKinetix Completes Non-Brokered Private Placement & Secures Operating Line of Credit 3:31 PM ET, 06/16/2016 - Business Wire
ST. MARYS, W. Va.--(BUSINESS WIRE)--Jun. 16, 2016-- 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.