Message #5 From:
NewsBot Date: October 13, 2006 04:10:00 PM
ADVB News Advanced Biotherapy, Inc. Completes Stock Sale and Debt Conversion
CHICAGO--(BUSINESS WIRE)--Advanced Biotherapy, Inc. (OTCBB:ADVB) announced today that it has
completed the sale of common stock to Richard P. Kiphart and other new
investors in the amount of $5.4 million. This investment, plus the
previous $1.1 million invested by Richard P. Kiphart around August 28,
2006, completes the $6.5 million capital raise previously announced by
the Company. The Company also announced the conversion of all
convertible notes, other promissory notes and accrued salaries owed by
the Company, except for a nominal amount which was paid out in cash. The
Company has no long-term debt and has approximately $6.2 million in
cash, as of October 12, 2006.
About Advanced Biotherapy
The Company, a pioneer in anticytokine therapy, has demonstrated the
effectiveness of its pioneering scientific strategy by conducting
investigational clinical trials treating patients suffering from AIDS,
multiple sclerosis, rheumatoid arthritis, corneal transplant rejection
and certain autoimmune skin conditions, including alopecia, all Th1
mediated autoimmune diseases which appear to have the same
proinflammatory Th-1 activity. Advanced Biotherapy is headquartered in
Chicago with laboratories in Columbia, Maryland. The company has an
extensive patent portfolio including 7 issued patents.
Forward-Looking Statements
Statements made in this news release, other than statements of
historical fact, are forward-looking statements and are subject to a
number of uncertainties that could cause actual results to differ
materially from the anticipated results or other expectations expressed
in our forward-looking statements. Some of these forward-looking
statements may be identified by the use of words in the statements such
as "anticipate," "estimate," “could”
"expect," "project," "intend," "plan," "believe,”“seek,”“should,”“may,”“assume,”“continue,”
variations of such words and similar expressions. These statements are
not guarantees of future performance and involve certain risks,
uncertainties, and assumptions that are difficult to predict. Readers
are cautioned not to place reliance on these forward-looking statements,
which speak only as of the date the statements were made. See the
Company's public filings with the Securities and Exchange Commission for
further information about risks and uncertainties that may affect the
Company and the results or expectations expressed in our forward-looking
statements. Given these risks and uncertainties, any or all of these
forward-looking statements may prove to be incorrect. Therefore, you
should not rely on any such forward-looking statements. Except as
required under federal securities laws, we do not intend to update
publicly any forward-looking statements to reflect actual results or
changes in other factors affecting such forward-looking statements.
