VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2014) - Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) ("Calyx") announces the following:
On April 9, 2014, following an evaluation by an Independent Committee of Calyx's board of directors, it was determined that in Calyx's view, no options for financing Agrisoma Biosciences Inc. ("Agrisoma") could be found that would be satisfactory to shareholders of Calyx as Agrisoma had not progressed as expected. Calyx waived its pre-emptive rights to allow a third party to finance Agrisoma and on July 2, 2014, Agrisoma completed a financing of $8.0 million dollars of which $4.8 million was advanced to Agrisoma. The remaining $3.2 million will be advanced pursuant to Agrisoma reaching certain milestones. The $8.0 million financing has diluted Calyx's interest in Agrisoma from 49.96% to approximately 25%. In the event Agrisoma requires additional follow-on financing in the future, further dilution will occur.
In addition, Calyx had a disagreement with Agrisoma over certain terms in the January 1, 2001 (as amended March 26, 2004) license and sub license agreement between the two companies. Concurrent with the financing, Calyx and Agrisoma entered into an agreement which fully and finally settled all matters relating to the license and sub license agreement with no cash paid nor amounts payable by either party.
As well, on June 27, 2014 the Canadian Food Inspection Agency gave regulatory approval for Carinata meal for use in feed for grower and finisher beef cattle in Canada. The CFIA's approval allows for Carinata meal sales and is an important part of the continued development for the Resonance Carinata value chain. CFIA regulatory approval for cattle feed in Canada means that Carinata meal has satisfied animal safety and efficacy testing.
Calyx is evaluating a number of business opportunities. Among these, Calyx is in advanced discussions with a group that has filed for an MMPR license. Calyx will provide further updates as they occur.
Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is an agricultural technology company which is developing early stage agriculture ventures. Calyx brings its depth of experience, capital and other capacity, including its proprietary intellectual property to enhance plant yields. In addition to Calyx's shareholding in Agrisoma Biosciences Inc., a company which is producing a non-food energy feedstock crop for bioenergy, Calyx is pursuing agri-pharmaceutical and agri-tech opportunities including MMPR (Marihuana for Medical Purposes Regulations). For further information about Calyx, please visit www.calyxbio.com.
Forward-Looking Statements: This document contains certain forward-looking statements concerning Calyx, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, or performance that may constitute "forward-looking statements" or "forward-looking information" under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Calyx's control.
Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.
Although Calyx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Calyx can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Calyx and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Calyx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Calyx Bio-Ventures Inc.Don Konantz
President & CEO
Source: Calyx Bio-Ventures Inc.