Financing - some heavy hitters Cynapsus Therapeutics Announces CAD$21 Million Private Placement bwire TORONTO (Business Wire) -- Cynapsus Therapeutics Inc. (TSX:CTH) (OTCQX:CYNAF), a specialty pharmaceutical company focused on the treatment of OFF episodes in Parkinson's disease, today announced the completion of a private placement (the "Offering") of 22,039,472 common shares of the Company (the "Common Shares") for gross proceeds of CAD$20,981,579. The financing was led by funds associated with OrbiMed, Aisling Capital and Venrock, with participation from various other institutional investors, including existing shareholders Broadfin Capital, Sphera Funds Management, Pura Vida Investments, DAFNA Capital Management and Dexcel Pharma Technologies Ltd./Dexxon Holdings Ltd ("Dexcel"). "We greatly appreciate the confidence shown by such high-quality life science investors in leading this financing," commented Anthony Giovinazzo, Cynapsus' President and Chief Executive Officer. "This fund raise provides us with further resources to undertake our Phase 3 clinical studies in the United States, file an expected New Drug Application in 2016, and continue with our strategic objectives." Details of the Offering Each Common Share was issued at a price of CAD$0.95 (the "Issue Price"), which represents a 20% discount to the 5-day volume-weighted average price per Common Share on the Toronto Stock Exchange (the "TSX") as of the close of business on March 27, 2015. The Common Shares issued are subject to a hold period, which will expire four months plus one day from the date of issue.