VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) --

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Phivida Holdings Inc. ("Phivida" or the "Company") (CSE:VIDA) (OTCMKTS:PHVAF) announced today that it has closed its previously announced bought deal financing of 6,960,000 units (the “Units”) at a price of $1.15 per Unit (the “Offering Price”) for aggregate gross proceeds of approximately $8.0 million (the “Offering”). The Offering was conducted by a syndicate of underwriters, led by Canaccord Genuity Corp., acting as lead underwriter and sole bookrunner, and including Mackie Research Capital Corporation and Haywood Securities Inc. (collectively, the “Underwriters”).

Each Unit consists of one common share (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) of the Company. Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.60 per Common Share for a period expiring 24 months from the date of issuance. It is anticipated that the Warrants will commence trading tomorrow under the symbol “VIDA.WT”

The Company intends to use the net proceeds from the Offering for expansion opportunities and general corporate purposes.

The Units were offered by way of a short form prospectus filed in British Columbia, Alberta, Ontario and New Brunswick and in certain offshore jurisdictions, pursuant to National Instrument 44-101 Short Form Prospectus Distributions.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Phivida Holdings Inc.

Celebrating Health and Wellness, In Harmony™, Phivida's mission is to lead the alternative health care sector as the benchmark standard in premium cannabinoid infused foods, beverages and clinical products. Using nanoencapsulation technology, Phivida converts phytocannabinoids into water soluble delivery format, enhancing bioavailability, and timed released within the body. Phivida's encapsulated cannabinoids are infused into functional beverages, foods and supplements containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain to terminal diseases. The World Anti-Doping Association's recent decision to lift its ban of CBD from hemp oil and the World Health Organization's recent statement supports the clinical benefits of CBD worldwide. Phivida is traded on the Canadian Securities Exchange as "VIDA".

For a list of Phivida's cannabinoid infused consumer products click here.

FORWARD-LOOKING INFORMATION

This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, the Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Phivida’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward- looking statements.

Although Phivida has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the inability to complete the Offering on the timeline or on the terms set out herein, a change in the use of proceeds of the Offering, the inability to obtain the necessary regulatory and stock exchange approvals, changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and consumer adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and, regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Phivida disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Phivida does not assume any liability for disclosure relating to any other company mentioned herein.

Contact information: www.phivida.com. IR@phivida.com +1 (844) 744-6646 (ext. #2).