Avisa Pharma Inc. has completed a first tranche of its previously announced private placement of subscription receipts for aggregate gross proceeds of approximately $1.4 million. The Concurrent Financing is required to be completed by Avisa in connection with the previously announced business combination between Panorama and Avisa. Avisa issued an aggregate of 2,206,525 Subscription Receipts at a purchase price of $0.64 per Subscription Receipt for aggregate gross proceeds of $1,412,176. Each Subscription Receipt entitles the holder thereof to receive, without payment of any additional consideration and without further action on the part of each subscriber, subject to adjustment, one common share in the capital of Avisa in accordance with the terms of a subscription receipt agreement entered into between Avisa, Haywood Securities Inc., the lead agent under the Concurrent Financing, and TSX Trust Company, including the satisfaction or waiver of the escrow release conditions described in the Subscription Receipt Agreement.