Procyon Announces the Completion of the Acquisition of Cellpep S.A.
Procyon Biopharma Inc. announced that it has completed the closing of the acquisition of Cellpep S.A. and the concurrent private placement of $18.1 million under terms previously announced. Concurrently, Turenne Capital Partenaires, the largest Cellpep shareholder, announced that, following the completion of these transactions, it now exercises control over more than 10% of the outstanding shares of Procyon.
Procyon has acquired over 96% of all outstanding securities of Cellpep S.A. in exchange for 116,571,145 common shares, of which 101,627,761 have been issued to certain Cellpep shareholders at the closing, the remaining 14,943,384 shares to be issued to other Cellpep shareholders in four tranches over the next 24 months. Procyon now exercises total control over the business and affairs of Cellpep S.A. and its two Canadian subsidiaries, Cellpep Pharma Inc. and Opep Pharma Inc.
The corporate name of Procyon has been changed to Ambrilia Biopharma Inc. ("Ambrilia"). The common shares of Ambrilia now trade on the Toronto Stock Exchange under the ticker symbol PBP and on March 3, 2006 will start trading under the new ticker symbol AMB.
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