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Procyon BioPharma

This article was originally published in The Gray Sheet

Executive Summary

Escrowed funds of $15.3 mil. are released to the Montreal-based diagnostic and biopharmaceutical developer following a review of the final prospectus by Canadian regulatory authorities, the company announces. The action had been taken following the April 11 completion of a $20.4 mil. offering consisting of 7.8 mil. shares of common stock and 3.9 mil. purchase warrants. Proceeds will go toward the development of Procyon's core technologies and the acquisition of new technologies. Current R&D initiatives include evaluation of the ColoPath non-invasive screening test for colorectal cancer
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