Director/PDMR Shareholding
September 24 2010 - 9:30AM
UK Regulatory
TIDMMEDG
RNS Number : 2861T
Medgenics Inc
24 September 2010
Medgenics, Inc.
("Medgenics" or the "Company")
Exercise of Warrants by a Party Related to a Director
24 September 2010
Medgenics, Inc. (AIM: MEDG, MEDU), the company that has developed a novel
technology for the manufacture and delivery of therapeutic proteins continuously
in patients using their own tissue, announces that, on 22 September 2010, it
received an executed warrant exercise notice from CIBC Trust Company (Bahamas)
Limited as trustee of a trust related to Mr. Joel Kanter, a non-executive
director of Medgenics, in respect of warrants to purchase 3,059,192 common
shares of par value $0.0001 each in the Company ("Common Shares") at an exercise
price of $0.071 per share, for an aggregate exercise price of $217,203.
The Company intends to use the warrant exercise proceeds to fund current
operations and for general working capital purposes.
Application will be made to the London Stock Exchange for the 3,059,192 new
Common Shares to be admitted to trading on AIM. Dealings are expected to
commence at 8:00 a.m. on 1 October 2010.
Following the admission to trading of the new Common Shares, the Company's total
issued share capital will be 180,155,206 Common Shares and the percentage of AIM
Securities held by officers, directors and their affiliates will be
approximately 34.5%.
Following the issue of the 3,059,192 new Common Shares, Mr. Kanter and his
related parties will be interested in an aggregate of 36,008,688 Common Shares
(representing 20% of the issued share capital) and warrants and options to
purchase an aggregate of 3,254,523 Common Shares. Mr. Kanter's aggregate
interests in the Company's Common Shares will comprise:
+-------------------+------------+------------+-----------+------------+----------+
| Party | Common | Instrument | Number | Expiry | Exercise |
| | Shares | | | Date | Price |
+-------------------+------------+------------+-----------+------------+----------+
| Mr. Joel Kanter | 1,624,549 | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| | | Options | 1,708,110 | 14/11/2012 | $0.210 |
+-------------------+------------+------------+-----------+------------+----------+
| | | Options | 1,000,000 | 14/9/2020 | $0.234 |
+-------------------+------------+------------+-----------+------------+----------+
| Kanter Family | 2,497,233 | Warrants | 96,413 | 13/2/2012 | $0.250 |
| Foundation | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| CIBC Trust | 10,665,177 | Warrants | 450,000 | 13/2/2012 | $0.250 |
| Company (Bahamas) | | | | | |
| Limited | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| Chicago | 20,933,116 | | | | |
| Investments, Inc. | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| Chicago Private | 240,465 | | | | |
| Investments, Inc. | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| Windy City, Inc. | 48,148 | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| Total Common | 36,008,688 | | | | |
| Shares | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
| Total Interests | 39,263,211 | | | | |
| (including | | | | | |
| warrants and | | | | | |
| options) | | | | | |
+-------------------+------------+------------+-----------+------------+----------+
For further information, contact:
+--------------------------------------+------------------------+
| Medgenics, Inc. | Phone: +972 4 902 8900 |
| Dr. Andrew L. Pearlman | |
| | |
+--------------------------------------+------------------------+
| Religare Capital Markets (Nominated | Phone: +44 20 7444 |
| Adviser) | 0800 |
| James Pinner | |
| Derek Crowhurst | |
| | |
+--------------------------------------+------------------------+
| SVS Securities plc (Joint Broker) | Phone: +44 20 7638 |
| Ian Callaway | 5600 |
| | |
+--------------------------------------+------------------------+
| Nomura Code Securities PLC (Joint | Phone: +44 20 7776 |
| Broker) | 1219 |
| Jon Senior | |
| | |
+--------------------------------------+------------------------+
| De Facto Communications | Phone: +44 20 7861 |
| Mike Wort | 3838 |
| Anna Dunphy | |
| | |
+--------------------------------------+------------------------+
| Grayling (Investment Relations - US) | Phone: +1 646 284 |
| Leslie Wolf-Creutzfeldt | 9472 |
+--------------------------------------+------------------------+
Notes to Editors:
Medgenics is a commercial-stage, biopharmaceutical company, developing its
unique tissue-based Biopump platform technology to provide sustained-action
protein therapy for the treatment of a range of chronic diseases. The first
revenue generating commercial deal with a well known multinational
pharmaceutical company was negotiated in late 2009 and we look forward to
generating additional deals to further commercialise the Biopump platform
technology.
Biopumps are made using needle biopsies taken from the lower layer of the
patient's skin under local anaesthetic, and processed during 10-14 days to
become 30 mm long tissue biofactories producing the required protein. The
requisite number of Biopumps are injected under the patient's skin to provide
sustained protein production and delivery for many months. The Company is
developing the Biopump to provide substantially greater safety and reliability
in protein treatment in a more cost effective manner than experienced with the
existing injected protein therapies. Medgenics currently has three products in
development based on this technology, addressing the indications of:
- anaemia - using EPODURE, a Biopump producing erythropoietin (EPO)
- hepatitis-C - using INFRADURE - a Biopump producing interferon-alpha (IFN-a)
- haemophilia - using a Biopump to produce clotting Factor VIII
The Company's Phase I/II clinical trial using EPODURE to treat anaemia in
patients with chronic kidney disease, has demonstrated proof of concept of the
Biopump. Designed to produce and deliver a therapeutic dose of EPO steadily for
six months or more, EPODURE Biopumps have already provided effective anaemia
treatment in patients for 6-12 months, even at the low administered dose.
Medgenics intends to develop its innovative products and bring them to market
via multiple strategic partnerships with major pharmaceutical and/or medical
device companies. In addition to treatments for anaemia, hepatitis-C and
haemophilia, Medgenics plans to develop and/or out-license a pipeline of future
Biopump products targeting the large and rapidly growing global protein therapy
market, which is forecast to reach US $95 billion by the end of 2010. Other
potential applications of Biopumps producing various proteins include multiple
sclerosis, arthritis, paediatric growth hormone deficiency, obesity, and
diabetes.
For more information please visit: www.medgenics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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