QUEBEC CITY, QUEBEC, Dec 19, 2006 (MARKET WIRE via COMTEX) -- Advitech Inc. (CA:AVI: news, chart, profile) ("Advitech") today announced that a private placement in units had been closed with the Quebec Stock Growth Plan Inc. (Natcan) and a group of private investors, including certain employees, management staff and directors of Advitech, for a total of $ 515 800.
Under the terms of this placement, Advitech has issued 6 447 500 units at $ 0.08 per unit. Each unit comprises one common share of Advitech and one warrant. Each warrant entitles its holder to purchase, at any time, within 24 months following the date the placement was closed, one common share of Advitech at $ 0.15 per share. The amount subscribed by employees, management and directors is $ 60 800 or 760 000 units.
Advitech has paid a fee of $ 2 880 to National Bank Financial Inc. for its role in the conclusion of a portion of this private placement.
The product of this private placement will be used for working capital and the implementation of marketing activities for Advitech products.
In accordance with the policies of the TSX Venture Exchange, securities issued by Advitech are subject to a hold period prohibiting transfer of the securities for a period of four months from the closing of this private placement.
Discussions are under way by the Company as well with other partners to finalize, during the first half of 2007, its financing program announced in May 2006 at its Annual Meeting.
Definitive Distribution Agreement
Advitech also announced that a definitive agreement with ENBIO-LIFE BIOTECH and MEDICAL COMPANY (ENBIO) had been signed for the distribution of its "DERMYLEX(TM)" product in Taiwan. This agreement follows a prior "agreement in principle" signed by Advitech and ENBIO on April 26, 2006. In accordance with the definitive agreement, ENBIO issued its first purchase order of Dermylex(TM), which was delivered in early December 2006. ENBIO will also start a clinical study on Dermylex(TM) in the first half of 2007. This clinical study will help prepare the introduction of Dermylex(TM) in other Asian markets such as Mainland China.
About Advitech Inc.
Advitech is a health sciences and technology company with a mission to discover and commercialize proprietary and evidence-based natural health products. Effective and safe, these products play a role in the prevention of Immune-Mediated Inflammatory Disorders (IMID), such as psoriasis and inflammatory bowel disease. Advitech's common shares are listed on the TSX Venture Exchange under the symbol AVI. The number of common shares outstanding is 61,247,318. The NEW Dermylex(TM) website is now online at www.dermylex.ca.
Dermylex(TM), developed by Advitech, is an oral natural health product relieving mild-to-moderate psoriasis symptoms. Two clinical trials, one of them multi-center, double-blind and placebo-controlled, for 112 days and on 84 patients, clinically proved the efficacy and safety of Dermylex(TM) for that type of psoriasis. Dermylex(TM) is currently available in Canada. For more information, please visit the www.dermylex.ca website.
About Enbio-Life Biotech and Medical Company Ltd.
ENBIO-LIFE BIOTECH and MEDICAL COMPANY LTD. is a spin-off of YUSHENG PHARMACEUTICAL CO., LTD. Yusheng Pharma has been headed up by President Chen Jen Quei for over 40 years, and EnBio-Life was created to focus on the development of chronic diseases and preventive medicine by marketing unique medical and nutraceutical products. Jones Wang is the President and CEO of EnBio-Life, which has offices in Taichung (Taiwan) and Shanghai (China).
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.