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EXHIBIT 99
CONTACT:
Martin Nash, CEO Mark Alvino
Genetronics Biomedical Limited Feinstein Kean Healthcare
(888) 289-4363 (617) 577-8110
GENETRONICS CLOSES EQUITY FINANCING TO FUND
ELECTROPORATION THERAPY
SAN DIEGO, CA., JANUARY 17, 2001 -- Genetronics Biomedical Limited, San Diego,
(AMEX and Toronto Stock Exchange: GEB) has completed a public offering of
6,267,500 common shares at a price of Canadian $1.35 per share for gross
proceeds of Canadian $8,461,125 (U.S. $5,593,200).
The Company intends to use the majority of the proceeds of the offering to
further develop clinical applications for its core technology, Electroporation
Therapy. Specifically, it intends to spend the funds on activities related to a
Phase III clinical trial in the United States in head and neck cancer, costs
related to launching oncology products in Europe, other clinical trials and as
working capital and for general corporate purposes.
The Company has not registered these shares under US securities laws. This press
release is not an offer of securities in the United States. These shares may not
be offered or sold in the United States or to a U.S. person without
registration, or an exemption from registration, under applicable U.S.
securities laws.
Genetronics Biomedical Ltd. operates through its wholly owned San Diego
subsidiary, Genetronics, Inc. Genetronics, Inc., founded in 1983, is a San
Diego-based drug and gene delivery company specializing in developing technology
and hardware that will potentially allow physicians to more efficiently and
cost-effectively deliver drugs or genes to patients with illnesses, including
cancer. Genetronics BTX(R) Instrument Division, a leader in molecular delivery,
featuring electroporation and electrofusion technology for the research
laboratory, markets worldwide an extensive line of products for in vitro, ex
vivo, and animal in vivo applications.
THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE
COMPANY'S PLANS TO DEVELOP ITS ELECTROPORATION DRUG DELIVERY SYSTEM. THE
AVAILABILITY OF RESOURCES TO SUPPORT OPERATIONS AND PLANS FOR OBTAINING
ADDITIONAL FINANCING CANNOT BE ASSURED. ACTUAL EVENTS OR RESULTS MAY DIFFER FROM
THE COMPANY'S EXPECTATIONS AS A RESULT OF A NUMBER OF FACTORS, INCLUDING THE
UNCERTAINTIES INHERENT IN CLINICAL TRIALS AND PRODUCT DEVELOPMENT PROGRAMS,
EVALUATION OF POTENTIAL OPPORTUNITIES, THE LEVEL OF CORPORATE EXPENDITURES,
CAPITAL MARKET CONDITIONS, AND OTHERS SET FORTH IN THE GENETRONICS ANNUAL
REPORT, ON FORM 10-K AND OTHER REGULATORY FILINGS. THERE CAN BE NO ASSURANCE
THAT ANY PRODUCT IN GENETRONICS PRODUCT PIPELINE WILL BE SUCCESSFULLY DEVELOPED
OR MANUFACTURED, OR THAT FINAL RESULTS OF HUMAN PILOT STUDIES OR CLINICAL
STUDIES WILL BE SUPPORTIVE OF REGULATORY APPROVALS REQUIRED TO MARKET PRODUCTS.
THE AMERICAN AND TORONTO STOCK EXCHANGES HAVE NOT REVIEWED AND DO NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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VISIT GENETRONICS' WEBSITE AT HTTP://WWW.GENETRONICS.COM
