MabCure Inc (OTC:MBCI) has announced the completion of a private placement in the amount of $1 million. The private placement consists of $500,000 cash investment and the conversion of $500,000 bridge loan made in September 2009. Pursuant to the terms of the Investment Transactions, the company will issue 2,000,000 units to investors for a price of $0.50 per unit. Each unit is comprised of one share of MabCure common stock, one two year non transferable common stock purchase warrant exercisable at a price of $0.60 per share, and on two year non transferable common stock purchase warrant exercisable at a price of $0.70 per share.
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MabCure is a biotechnology company whose vision is to change the perception of cancer as being a largely incurable disease. MabCure owns proprietary technology for the creation of unique and highly specific monoclonal antibodies (MAbs) which will be developed as diagnostic tools, imaging agents and drugs to treat lethal cancers. MabCure’s initial goal is to develop its novel MAbs as diagnostic tools for the detection of ovarian and prostate cancers at an early stage, when these diseases are still localized and highly curable.
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