XRpro Sciences Announces Completion of Equity Financing
CAMBRIDGE, Mass., Jan. 8, 2015 /PRNewswire/ -- XRpro Sciences, Inc., a provider of a unique platform for drug discovery and development services which features high throughput screening of transporter and ion channel assays for the pharmaceutical industry, today announced the completion of an equity financing of $8,855,000 led by Taglich Brothers, an investment bank in New York.
Richie Cunningham, President and CEO of XRpro stated, "We are pleased to announce this important financing for XRpro. This capital will serve as fuel for our continued growth as we begin to scale our ion channel drug development technology to meet customer demand and make plans to establish a trading market for our common stock."
The 1,265,000 units sold totaling $8,855,000 represent an increase of the private placement offering in which the Company initially offered 1,125,000 units totaling $7,875,000 at a per unit price of $7.00. Each unit consists of four shares of common stock and one 5-year warrant to purchase one share of common stock at an exercise price of $1.75 per share.
Tim Tyson, Chairman of XRpro added, "We want to thank the entire team at Taglich Brothers for helping us to exceed our goal with this financing. This financing provides us with operating capital which should allow us to continue to build and grow the Company without cash constraints for some time."
Michael Taglich, CEO and Founder of Taglich Brothers commented, "We are excited to support the vision and plan that Tim and Richie have developed and to provide them with the financial resources needed to implement that plan." He added, "The opportunity resonated with investors and the demand for the Units exceeded our original estimate."
About XRpro Sciences, Inc.
XRpro Sciences, Inc. provides a unique platform for drug discovery and development services featuring high throughput screening of ion channel assays for the pharmaceutical industry. The Company's proprietary advances in X-ray fluorescence provide measurements that would otherwise be difficult or impossible applying other readily available technologies. XRpro® technology directly measures the activity of a drug target, without the need for costly and artifact-causing chemical dyes or radiolabels. For further information, please visit www.xrpro.com.
About Taglich Brothers
Founded in 1991, Taglich Brothers, Inc. is a full service brokerage firm specializing in the microcap segment of the market for publicly traded securities. We define the microcap market as companies with less than $250 million of stock outstanding. The firm has selected this unique niche for two reasons. First and foremost, the small cap market has historically outperformed the large cap market over the past 75 years. Second, this area of the market is virtually ignored by the larger institutions and other Wall Street firms because they cannot invest enough capital in each situation to justify the expense of investigating these companies. Our focus and high energy level allow us to exploit these inefficiencies, giving us the added advantage needed to prosper in the microcap market.
Daniel Boutcher – Dboutcher@xrpro.com Mobile: (973) 332-0120 Office: (212) 406-9012
Aimee Boutcher - Aimee@xrpro.com
This release includes forward-looking statements on the Company's current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding the Company's continued growth, the planned establishment of a trading market, and the ability to continue to grow and build the Company without cash constraints. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in the Company's forward-looking statements include, among others, our ability to sell and market our technology and services and the other factors described in the Company's Report on Form 10-K for the year ended December 31, 2013 and any other filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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SOURCE XRpro Sciences, Inc.
Released January 8, 2015