NAL 0.00% 0.6¢ norwood abbey limited

immunology alone worth $50mill, page-2

  1. 34,500 Posts.
    lightbulb Created with Sketch. 1
    Nice close as well....

    Looks like they are well funded even in the current climate which gives confidence to their long term prospects....



    Appendix 3B - Immunology Valued at $52.5 M

    NORWOOD ABBEY LIMITED 2003-06-23 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    KEY POINTS:

    * Norwood Immunology raises $2.4 million

    * Shares to be issued at $52.5M valuation.

    Norwood Abbey Ltd wishes to advise that the company's subsidiary,
    Norwood Immunology Pty Ltd, has entered into arrangements with
    respect to its first capital raising - as foreshadowed at the AGM in
    November 2002. Norwood Immunology has received commitments from
    investors for a minimum of $2.4 million that will be used primarily
    as working capital particularly in respect to extending the company's
    international 'immunology' patent position which already includes in
    excess of 100 international filings. The capital raising values
    Norwood Immunology at $52.5 million.

    Chairman of Norwood Immunology, Mr Peter Hansen said "The willingness
    of investors to participate in this placement, especially in the
    current economic climate , has been extremely pleasing. At a time
    when Norwood Abbey's market capitalisation is approximately $60 to
    $70 million, we believe that the investment in Norwood Immunology is
    a very strong endorsement of the potential value of the project as
    well as the Company's business plan and management."

    Recently appointed CEO of Norwood Immunology, Mr Richard Williams
    stated, "This initial fundraising coupled with a significant market
    valuation will be beneficial in respect to the company's plans to
    list on a international stock exchange".

    As advised recently, Norwood Immunology has taken out a full license
    with Monash University (via conversion of its earlier research option
    arrangements) over all of the immunology project intellectual
    property. As part of these arrangements with Monash University's
    commercial arm, Monash Commercial Pty Ltd, Norwood - in exchange for
    a small equity position - was able to substantially reduce its
    current and future obligations re license fees and ongoing royalties.

    After the issue of shares related to the above capital raising,
    Monash Commercial Pty Ltd will own approximately 3.% of the company,
    while Norwood Abbey will retain in excess of 90% of Norwood
    Immunology.

    Coupled with the above raising for Norwood Immunology, Norwood Abbey
    has raised $3.4 million committed to Norwood Abbey. In addition,
    Norwood Abbey has the right to call at anytime the balance of $3.8
    million on the earlier issue of Partly Paid shares.

    To find out more about the company, visit www.norwoodabbey.com

    Australia Company Contacts U S Investor Contacts
    Peter Hansen, EXECUTIVE CHAIRMAN Lippert Heilshorn & Assoc
    613-9782-7333 Kim Sutton Golodetz
    [email protected]
    Bernie Romanin, 212-838-3777
    DIRECTOR OF MARKETING
    613-9782-7333 Bruce Voss
    310-691-7100
    [email protected]
    www.lhai.com
 
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