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Orion Biotechnology Canada Announces Closing of $5 Million FinancingOTTAWA, March 20, 2018 (GLOBE NEWSWIRE) -- Orion Biotechnology Canada Ltd today announced it has completed a US$5 million private placement financing late last year. “We are delighted to have secured the financial resources during this period of rapid expansion,” said Mark Groper, President and Chief Executive Officer. “This financing allows Orion, as a private company, to continue development of its expanding pipeline of innovative products, including expansion of our infrastructure and human resources. It also provides external validation of the unique value proposition of the company’s pipeline products which include candidates in the areas of Sexual Health, Oncology and Multiple Sclerosis. Orion is a research and development organization committed to developing novel approaches to address serious health issues. A prime example of this is the company’s microbicide candidate, OB-001, which is being evaluated as a contraceptive gel which also prevents the transmission of HIV. “This is a unique product which has significant potential,” said Dr. Ian McGowan, Chief Scientific Officer of Orion. “Antiretroviral microbicide candidates have activity against HIV, and in some cases HSV-2, but lack contraceptive efficacy. In contrast, Orion’s unique non-antiretroviral product could have the potential to protet against both HIV infection and pregnancy without the need for voluntary counselling and testing for HIV infection. There is no doubt that such a product would be a valuable addition to the sexual health armamentarium.” Rudolf Bom, Founder and Chairman of Orion Biotechnology Canada Ltd., said “Orion Biotechnology is an example of the kind of exciting and innovative results that can be realized when world-class science comes together with entrepreneurial and seasoned capital investors. Orion is now in a position to rapidly advance several of its innovative solutions toward the clinic.” About Orion Biotechnology Canada, Ltd. Forward-Looking Statements Contact: Ross MacLeod |