NEWS RELEASE
PROTIVA COMPLETES $3.5 MILLION FINANCING
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 5, 2007)
Protiva Biotherapeutics Inc. announced today the completion of a convertible debenture financing with commitments of CAD$3.5 million. This fourth round of financing brings Protiva's cumulative venture capital financing to CAD$26.2 million.
The investment was completed with full participation from existing Protiva venture capital investors, including the Working Opportunity Fund managed by GrowthWorks Capital, BDC Capital (BDC), the Canadian Medical Discoveries Fund (CMDF) and Kinetic Capital.
"This latest round of financing underscores the strong support we continue to receive from our investors and reflects the progress we have made on several fronts," said Mark J. Murray, Protiva's President and Chief Executive Officer. "We are well positioned to continue advancing the development of new therapeutic products and business alliances while aggressively pursuing our claims in court against Tekmira Pharmaceuticals Corporation (formerly Inex Pharmaceuticals Corporation) and against Sirna Therapeutics, now Merck & Co., Inc."
About Protiva
Founded in 2001, Protiva Biotherapeutics Inc. is focused on the development of nucleic acid based pharmaceutical products to fight serious human diseases, such as cancer, influenza (including H5N1), Ebola, inflammatory diseases and chronic viral infections. Protiva's proprietary Stable Nucleic-Acid Lipid Particle (SNALP) technology is an encapsulation and delivery system for nucleic acid payloads, such as short interfering RNA (siRNA), to target cells. It represents a breakthrough in the field of RNA interference.
Protiva is headquartered in Vancouver, BC with offices in Seattle, Washington. For more information, visit www.protivabio.com.
Media Contact:
David Ryan
Longview Communications Inc.
(604) 694 6031