Vancouver, BC, July 16, 2007--(T-Net)--MIV Therapeutics Inc. (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 the unregistered private placement of 25,100,000 units referenced in its news release of July 6, 2007 has closed.
The units were offered at a price of $0.50 per unit for gross proceeds of $12.55 million. 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.
Pequot Capital Management, Inc. and its affiliates, Rockmore Capital, and affiliates of Centrecourt Asset Management L.L.C. were among the institutional investors participating in the transaction.
MIV Therapeutics received net proceeds of $11.7 million. The company intends to use the funds 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 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. MIV Therapeutics 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/