/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
VICTORIA, BC, Aug. 18,
2023 /CNW/ - Eupraxia Pharmaceuticals Inc.
("Eupraxia" or the "Company") (TSX: EPRX), a Phase 2 clinical-stage
biotechnology company with an innovative drug delivery technology
platform, is pleased to announce that it has closed the
previously announced non-brokered private placement and has issued
3,183,875 common shares (the "Common Shares") of the Company,
at a price of C$7.00 per Common
Share for gross proceeds of C$22,287,125 (the "Private Placement").
The Company intends to use the net proceeds from the Private
Placement towards the Company's ongoing research and development
activities, including the clinical development of EP-104IAR, other
preclinical and clinical targets as well as for working capital and
general capital purposes.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in the United States or
in any other jurisdiction in which such offer, solicitation or sale
would be unlawful. The securities have not been registered under
the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements thereunder.
About Eupraxia Pharmaceuticals
Inc.
Eupraxia is a clinical-stage biotechnology company focused on
the development of locally delivered, extended-release alternatives
to currently approved drugs. Each of Eupraxia's product candidates
has the potential to address therapeutic areas with high unmet
medical need and strives to provide improved patient benefit by
delivering targeted, long-lasting activity with fewer side
effects.
Forward-Looking
Statements
This news release includes forward-looking statements and
forward–looking information within the meaning of Canadian
securities laws. Often, but not always, forward–looking information
can be identified by the use of words such as "plans", "is
expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative and grammatical variations) of such words and phrases, or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. Forward
looking statements in this news release include statements
regarding the Private Placement generally and the use of
proceeds thereof.
Such statements and information are based on the current
expectations of Eupraxia's management, and are based on
assumptions, including but not limited to: future research and
development plans for the Company proceeding substantially as
currently envisioned; industry growth trends, including with
respect to projected and actual industry sales; the Company's
ability to obtain positive results from the Company's research and
development activities, including clinical trials; and the
Company's ability to protect patents and proprietary rights.
Although Eupraxia's management believes that the assumptions
underlying these statements and information are reasonable, they
may prove to be incorrect. The forward–looking events and
circumstances discussed in this news release may not occur by
certain dates or at all and could differ materially as a result of
known and unknown risk factors and uncertainties affecting
Eupraxia, including, but not limited to: the Company's ability to
complete the Private Placement on the terms set out herein; the
Company's limited operating history; the Company's novel technology
with uncertain market acceptance; if the Company breaches any of
the agreements under which it licenses rights to its product
candidates or technology from third parties, the Company could lose
license rights that are important to its business; the Company's
current license agreement may not provide an adequate remedy for
its breach by the licensor; the Company's technology may not be
successful for its intended use; the Company's future technology
will require regulatory approval, which is costly and the Company
may not be able to obtain it; the Company may fail to obtain
regulatory approvals or only obtain approvals for limited uses or
indications; the Company's clinical trials may fail to demonstrate
adequately the safety and efficacy of its product candidates at any
stage of clinical development; the Company may be required to
suspend or discontinue clinical trials due to side effects or other
safety risks; the Company completely relies on third parties to
provide supplies and inputs required for its products and services;
the Company relies on external contract research organizations to
provide clinical and non-clinical research services; the Company
may not be able to successfully execute its business strategy; the
Company will require additional financing, which may not be
available; any therapeutics the Company develops will be subject to
extensive, lengthy and uncertain regulatory requirements, which
could adversely affect the Company's ability to obtain regulatory
approval in a timely manner, or at all; the impact of the COVID-19
pandemic on the Company's operations; and other risks and
uncertainties described in more detail in Eupraxia's public filings
on SEDAR+ (sedarplus.ca). Although Eupraxia has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward–looking statements and information, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward–looking statement or
information can be guaranteed. Except as required by applicable
securities laws, forward–looking statements and information speak
only as of the date on which they are made and Eupraxia undertakes
no obligation to publicly update or revise any forward–looking
statement or information, whether as a result of new information,
future events or otherwise.
SOURCE Eupraxia Pharmaceuticals Inc.