MultiCell Technologies and Fusion Capital Terminate Common Stock Purchase Agreement
MultiCell
Technologies and Fusion Capital Terminate Common Stock Purchase
Agreement
SAN
DIEGO--(BUSINESS WIRE)—July 19, 2007 ---MultiCell Technologies, Inc.
(OTCBB:MCET
-
News),
and
Fusion Capital Fund II, LLC have entered into a Mutual Termination Agreement
dated as of July 18, 2007, terminating the Amended and Restated Common Stock
Purchase Agreement dated as of October 5, 2006, for the purchase of up to $8.0
million of the Company’s common stock. The termination of the Common Stock
Purchase Agreement will release approximately 5 million unissued shares of
common stock previously committed to fulfilling the obligations of the Common
Stock Purchase Agreement. A more detailed description of the Mutual Termination
Agreement is set forth in the Company’s Current Report on Form 8-K recently
filed with the SEC.
“We
are
grateful to have had the opportunity to work with Fusion Capital, and appreciate
their willingness to provide funding for our company”, stated Xxxxx Xxxxxx,
Chairman and acting Chief Financial Officer of MultiCell Technologies, Inc.
“As
we move forward with our planned Phase IIb clinical trial for MCT-125, indicated
for the treatment of chronic fatigue in patients with multiple sclerosis, we
will seek financing to fund our development efforts from other sources”, Xx.
Xxxxxx said.
About
MultiCell Technologies
MultiCell
Technologies, Inc. is developing first-in-class drugs based on advanced immune
system modulation technologies, and is an integrated biopharmaceutical company
committed to the development of breakthrough therapeutics based on its portfolio
of therapeutic candidates and patented drug development technologies.
MultiCell's drug development program focuses on modulation of the immune system.
MultiCell's
therapeutic pipeline includes:
MCT-125
a
Phase IIb drug for the treatment of chronic fatigue in MS patients.
MCT-175
for the treatment of relapsing-remitting MS.
MCT-275
for the treatment of juvenile diabetes.
MCT-465
for the treatment of virus infection and cancer.
MCT-475
for the treatment of colorectal cancer.
The
Company also holds unique cell-based technology for use in drug discovery
screening applications, and is a leading producer of the cell lines needed
by
the pharmaceutical industry to develop new drugs. For more information about
MultiCell Technologies, please visit xxxx://xxx.xxxxxxxxxxxxx.xxx.
Caution
Regarding Forward-Looking Statements
Any
statements in this press release about MultiCell's expectations, beliefs, plans,
objectives, assumptions or future events or performance are not historical
facts
and are forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995 (the "Act"). These statements are often, but
not
always, made through the use of words or phrases such as "believe," "will,"
"expect," "anticipate," "estimate," "intend," "plan," "forecast," "could,"
and
"would." Examples of such forward looking statements include statements
regarding the timing, design, scope, and anticipated results of our clinical
development programs. MultiCell bases these forward-looking statements on
current expectations about future events. They involve known and unknown risks,
uncertainties and assumptions that may cause actual results, levels of activity,
performance or achievements to differ materially from those expressed or implied
by any forward-looking statement. Some of the risks, uncertainties and
assumptions that could cause actual results to differ materially from estimates
or projections in the forward-looking statement include, but are not limited
to,
the risk that we might not achieve our anticipated clinical development
milestones, receive regulatory approval, or successfully commercialize our
products as expected, the market for our products will not grow as expected,
and
the risk that our products will not achieve expectations. For additional
information about risks and uncertainties MultiCell faces, see documents
MultiCell files with the SEC, including MultiCell's report on Form 10-KSB for
the fiscal year ended November 30, 2006, and all our quarterly and other
periodic SEC filings. MultiCell claims the protection of the safe harbor for
forward-looking statements under the Act and each assume no obligation and
expressly disclaim any duty to update any forward-looking statement to reflect
events or circumstances after the date of this news release or to reflect the
occurrence of subsequent events.
Contact:
Dr.
Xxxxxxx Xxxxx, CEO
(000)
000-0000
xxxxxxxxxxxx@xxxxxxxxxxxxx.xxx
