Idb Completes Private Placement Financing And Acquisition Of All Minority Id Vaccine Shares

Business Wire, Jan 17, 1995

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 17, 1995--ID Biomedical Corp. (IDB) announced today that it has completed its previously announced Special Warrants private placement for US$1,000,000.

The total number of Special Warrants issued under this private placement was 134,116 and they are exchangeable into common shares of IDB on a one for one basis upon clearance of a prospectus. The net proceeds from this private placement will be used to fund ongoing research and development and for general corporate purposes.

In addition, IDB has exchanged 472,925 Special Warrants for all issued and outstanding ID Vaccine Corp. (IDV) shares that were not already owned by IDB. IDV is now a wholly owned subsidiary of IDB. The Special Warrants are exchangeable into common shares of IDB on a one for one basis.

ID Biomedical Corp. is a Canadian biotechnology company which is developing a nucleic acid diagnostic system based on its proprietary SLT and CPT technologies. The lead products under development by IDB for this system are rapid and direct tests for tuberculosis and MAC. The company, through its subsidiary ID Vaccine Corp., is also developing a subunit vaccine against tuberculosis.

ID BIOMEDICAL CORPORATION

Dr. Anthony Holler

Medical Director

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Neither NASDAQ, The Montreal Exchange nor the Vancouver Stock Exchange has approved or disapproved of the information contained herein.

CONTACT: Hugh Notman

Director, Corporate Communications

or

Dr. Anthony Holler

Medical Director

604/431-9314