Vancouver, BC, July 6, 2007--(T-Net)--MIV Therapeutics (OTCBB:MIVT; FWB:MIV), a developer of next-generation biocompatible coatings and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, announced today that it has entered into an agreement with various institutional investors for the unregistered private placement of an aggregate of 25,100,000 units at a price of $0.50 per unit for a total purchase price of $12.55 million, before deducting placement agent fees and offering expenses. Each unit consists of one share of common stock and one-half of one share purchase warrant exercisable at a price of $0.55 per share for a period of five years. The transaction is expected to close on or about July 10, 2007, subject to the satisfaction of certain customary closing conditions.
After deducting placement agent fees and offering expenses, MIV Therapeutics expects to receive net proceeds of approximately $11.7 million from the financing, which MIV Therapeutics intends to use to further the development of its novel drug eluting stents, commercial activities, and for general corporate purposes.
BMO Capital Markets Corp. acted as the sole placement agent for the offering.
The securities to be issued in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from the registration requirements of the Securities Act. The shares were offered and are being sold only to a limited number of institutional and accredited investors. The Company has agreed to file a registration statement with the SEC covering the resale of the common stock, and the common stock issuable upon exercise of the warrants, issued in the private placement.
Contact:
MIV Therapeutics Inc.
Anthony L. Huston, Dir. of Investor Relations
604-301-9545, x14
Toll-free: 800-221-5108
Fax: 604-301-9546
investor@mivtherapeutics.com
http://www.mivtherapeutics.com/