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SOURCE Vivione Biosciences Inc.
CALGARY, Jan. 29, 2014 /CNW/ - Vivione Biosciences Inc. ("Vivione" or the "Corporation") (TSXV: VBI) is pleased to announce that it is getting into the clinical diagnostic market a year early and has appointed additional professionals with significant technical science expertise to the management team of its wholly owned operating subsidiary, Vivione Biosciences, LLC (the "Subsidiary").
Dr. Peggy Cook has been appointed acting Chief Science Officer of the Subsidiary and will assume this role from T.J. Moskal, who will continue to serve as the President of the Corporation and the Subsidiary, as well as on the Corporation's board of directors. Dr. Cook received her Doctorate of Philosophy in Microbiology from the University of Arkansas in 1990. Dr. Cook was with Tyson Foods for 18 years as the Director of Tyson Food's Food Safety and Research Laboratories in Springdale, Arkansas, where she constructed a state-of-the-art laboratory with ISO 9001-2000 certification and the A2LA 17025 accreditation. Dr. Cook managed multiple laboratory sites focusing on food safety and pathogen testing for processing facilities. She joined Safe Foods Corporation in 2004 and had responsibilities for the research and development divisions, including MCA Laboratory Services and Engineering Services. In September of 2013 MCA Services Laboratory Division was purchased by IEH Laboratories and Consulting Group based in Seattle, WA where she is an Executive Vice-President. MCA Services is certified for ISO 22000 Food Safety Management Systems and is an A2LA 17025 Accredited Laboratory.
Matthew Gombrich, M.D., M.S. has been appointed Chief Medical Officer of the Subsidiary. Dr. Gombrich has approximately 20 years of development experience in the In Vitro diagnostic sector, namely around infectious disease and cancer testing. Dr. Gombrich was instrumental in market development of several rapid diagnostic assays for pneumonia-related pathogens, including the Binax (Alere) Rapid Legionella Assay and Pneumococcal Urinary Antigen tests. Dr. Gombrich has also been involved in product development of a point-of-care cervical cancer screening test aimed at the developing world. Dr. Gombrich received his Medical Degree and Master's degree in Experimental Pathology from Case Western Reserve University in Cleveland in 2005.
The Corporation is also pleased to announce the appointment of Matthew Shyba as Corporate Secretary of the Corporation. Mr. Shyba is a lawyer with the law firm Borden Ladner Gervais LLP in Calgary, Alberta. Mr. Shyba received his Juris Doctor from Dalhousie Law School in 2011 as well as a Bachelor of Arts degree from Bishop's University in 2007.
"Adding Dr. Cook to our senior management team as acting Chief Science Officer will enable us to expedite the AOAC and FSIS certifications for the RAPID-B system. Her long tenure in the food safety and diagnostic market provides us with immediate expertise and relationships that would take us years to develop. The addition of Dr. Gombrich to our senior management team as Chief Medical Officer was instrumental in our decision to enter into clinical diagnostics a year earlier than originally anticipated. Dr. Gombrich has identified several applications that our RAPID-B system has advantages over current technologies," said Kevin Kuykendall, Vivione's CEO.
The Corporation also announces that its board of directors has granted stock options in respect of an aggregate of 1,950,000 class A common shares of the Corporation to the directors, officers, consultants and employees of the Corporation. The exercise price of the options is $.25 per share, with each stock option vesting over three years and expiring ten years from the date of grant. The grants are subject to approval of the TSV Venture Exchange.
Vivione is also pleased to announce that it intends to complete a non-brokered private placement offering of up to 864,000 units at a purchase price of $0.25 per unit for total proceeds of up to $216,000 (the "Offering"). Each unit will consist of one class "A" common share in the capital of the Corporation ("Class A Common Shares") and one half of one non-transferable Class A Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Class A Common Share at an exercise price of $0.35 at any time prior to 4:30 p.m. (Calgary time) on the date that is 24 months following the closing date of the Offering, subject to accelerated expiry in certain circumstances.
The closing of the Offering is expected to occur prior to February 14, 2014 and is subject to the completion of formal documentation and receipt of regulatory approval, including the conditional approval of the TSX Venture Exchange Inc. Vivione intends to use the net proceeds from the Offering to finance the purchase of additional flow cytometer units for its AOAC certification program.
Any units issued under the Offering will be subject to a statutory hold period of four (4) month plus one day from the date of issue.
Vivione's business is centered on the commercialization of the RAPID-B system, which is an integrated system of hardware, software and chemical reagents that tests bacteria in key environments. This technology could have potentially diverse applicability from food safety to clinical diagnostics, by identifying and quantifying microorganism levels more rapidly and with greater precision than currently employed techniques.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. In particular, this release contains forward-looking information relating to the approval of the option grants, the completion and timing of the Offering and the use of proceeds of the Offering. Although Vivione believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Vivione. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the ability of management to raise adequate proceeds from the Offering and the failure to obtain final approval of the Offering from the TSX Venture Exchange. Additionally, this press release contains forward-looking information relating to the commercialization of RAPID-B and independent third party certification of RAPID-B. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, Vivione does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Vivione undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Vivione, or its financial or operating results or (as applicable), their securities.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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