By E. Janene Geiss
Philadelphia, May 26 - Raptor Pharmaceutical Inc. announced Friday the completion of a reverse merger with Highland Clan Creations Corp. in a stock-for-stock exchange and the completion of a $5 million sale of units.
Highland sold all of its prior operations as a nutritional drink distributor in April 2006, according to a company news release.
Effective June 9, Highland said it will reincorporate in Delaware from Nevada and will change its name to Raptor Pharmaceuticals Corp.
Highland, which now owns 100% of the operating company, Raptor Pharmaceutical Inc., will be assigned a new ticker symbol on the OTC Bulletin Board after the reincorporation and name change.
Concurrent with the purchase of Raptor, Highland said it completed Friday a $5 million financing.
The financing consisted of 8,333,333 units at $0.60 per unit. Each unit consists of one share of common stock of Highland and one warrant to purchase one share of common stock of Highland.
The warrants are exercisable at a price of $0.60 per share and terminate after 18 months.
Net proceeds, after expenses and the repayment of a third-party bridge loan, were about $4.5 million, officials said.
The deal is bigger than the $3.5 million originally planned.
Raptor said it intends to use the net proceeds for the continued research and development of drug product candidates for the potential treatment of neurodegenerative diseases, metabolic diseases and cancer.
On Jan. 27, Raptor purchased from BioMarin Pharmaceutical Inc. the intellectual property for the RAP technology and related programs.
"We believe that our RAP technology will allow for selective therapeutic targeting of organs, tissues and cell types through the use of specific receptor systems," said Christopher Starr, Ph.D., co-founder and chief executive officer of Raptor in a news release.
"The neurological application of our RAP technology, named NeuroTrans, has already demonstrated the potential to deliver therapeutic proteins across the blood-brain barrier to the brain in early non-clinical studies."
Raptor is a Novato, Calif., biotechnology company that bioengineers novel drugs and drug-targeting platforms derived from the human receptor-associated protein and related proteins.
| Issuer: | Highland Clan Creations Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | $5 million
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| Units: | 8,333,333
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| Price: | $0.60
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| Warrants: | One common share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | $0.60
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| Closing date: | May 26 |
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