Mr. Lee Buckler reports
REPLICEL LIFE SCIENCES INC. ANNOUNCES INCREASE IN NON-BROKERED PRIVATE PLACEMENT
RepliCel Life Sciences Inc. has increased the size of its private placement financing. The company previously disclosed that it would issue up to 2.5 million common shares for gross proceeds of up to $1-million. The company today announces that it has increased the number of shares to be issued, such that it may issue up to 3.17 million shares at a price of 41 cents per share for gross proceeds of up to $1.3-million to accommodate subscriptions from existing shareholders participating in the offering.
All securities issued pursuant to the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Completion of the offering is subject to receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
Proceeds of the offering are anticipated to be used for general working capital and financing continuing programs including device development as the company finalizes key partnership agreements currently in negotiation.
About RepliCel Life Sciences Inc.
RepliCel is a regenerative medicine company focused on developing autologous cell therapies that address conditions caused by a deficit of healthy cells required for normal healing and function. The company's product pipeline consists of two continuing clinical trials (RCT-01: tendon repair and RCS-01: skin rejuvenation) as well as its RCH-01: hair restoration product under exclusive license by Shiseido Company for certain Asian countries.
All product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles. The company has also developed a proprietary injection device (RCI-02) optimized for the administration of its products and licensable for use with other dermatology applications.
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