Published in Cardiovascular Business Week, November 15th, 2005
The quarter was highlighted by the company raising gross proceeds of $4,685,000 (US$397,570) through a private placement. At August 31, 2005 the company had cash and cash equivalents totaling $7,573,000 (US$6,450,325) as compared to $7,591,000 (US$6,448,626) as at May 31, 2005. The cash position is sufficient to advance the company's lead products, MC-1 and MC-4232, up to pivotal phase 3 studies.
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