Nov 19 2010
3SBio Inc. ("3SBio") (Nasdaq: SSRX), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products today announced that it has recently converted the remaining US$2.58 million of a US$4.5 million debenture convertible into Isotechnika Pharma Inc. ("Isotechnika") common shares issued on August 23, 2010. As a result, Isotechnika issued an additional 17,516,000 common shares at C$0.155 per common share to 3SBio. The common shares are subject to a four month plus one day hold which commenced on August 23, 2010. Prior to this conversion, 3SBio owned 13,000,000 common shares of Isotechnika. The US$4.5 million debenture has now been fully converted and 3SBio owns approximately 18.83% of the issued and outstanding shares of Isotechnika.
The debenture was acquired in conjunction with the strategic partnership with Isotechnika to develop and commercialize voclosporin in China announced on August 24, 2010. 3SBio will continually review its investment alternatives and may purchase or sell securities of Isotechnika from time to time in accordance with applicable securities laws.
3SBio has also filed a report with the Canadian regulatory authorities containing additional information (the "Early Warning Report"). A copy of the Early Warning Report will appear with Isotechnika's documents on the SEDAR website, at www.sedar.com and may also be obtained by contacting the persons listed below.