FluoroPharma Medical, Inc. Announces 1.5M Equity Financing
MONTCLAIR, NJ, Nov 20, 2012 (Menafn - MARKETWIRE via COMTEX) --FluoroPharma Medical, Inc. (otcqb:FPMI), a company specializing inthe development of novel diagnostic imaging products that utilizepositron emission tomography (PET) technology for the detection andassessment of disease before clinical manifestation, today announcedthat it completed a private placement on November 19, 2012 of itsshares of common stock and warrants in the aggregate amount of1,546,250. The private placement consisted of the issuance of1,819,118 shares of the company's common stock and 1,819,118 commonstock purchase warrants with an exercise price of 0.90 per share anda term of one year. The company plans to use the net proceeds fromthe private placement for working capital.
"We are pleased that the additional funding will enable us to furtheradvance our most promising portfolio of diagnostic imaging products,providing healthcare professionals with new products that will expandand improve their diagnostic capabilities and contribute to earlier,more accurate diagnosis of disease," said Thijs Spoor, Chairman, CEOand President of FluoroPharma Medical. "FluoroPharma's goal is toenable personalized medicine by enabling the physician to prescribethe right medicine, for the right person, at the right time, for theright outcome. This is only possible with the right diagnostics."
This press release does not constitute an offer to sell or thesolicitation of an offer to buy any of the securities referencedherein in any jurisdiction to any person.
The shares of common stock issued in connection with the transactionshave not been registered under the Securities Act of 1933, as amended(the "Securities Act"), and may not be offered or sold in the UnitedStates absent registration under the Securities Act and applicablestate securities laws or an applicable exemption from thoseregistration requirements. The company has agreed to file aregistration statement providing for the resale of the shares ofcommon stock and the shares underlying the warrants issued in theprivate placement following the closing. The company will file a Form8-K with the Securities and Exchange Commission describing in moredetail the terms of the private placement.
About FluoroPharma Medical
FluoroPharma is a biopharmaceutical company engaged in the discoveryand development of proprietary PET imaging products to evaluatecardiac disease at the cellular and molecular levels. The company haslicensed technology from the Massachusetts General Hospital inBoston.
The company's goal is to enable personalized medicine throughadvanced imaging products that will help the medical communitydiagnose disease more accurately at the earliest stages, leading tomore effective treatment, management and better patient outcomes.
The company's initial focus is the development of breakthroughpositron emission tomography (PET) imaging agents for the efficientdetection and assessment of acute and chronic forms of coronaryartery disease (CAD). FluoroPharma is advancing two products inclinical trials for assessment of acute and chronic forms of coronarydisease. These first in class agents have been designed to rapidlytarget myocardial cells. Other products in development include agentsfor detection of inflamed atherosclerotic plaque in peripheralarteries, agents with the potential to image Alzheimer's disease andagents that could potentially be used for imaging specific cancers.
For more information on the company, please visit:www.fluoropharma.com.
This press release may contain "forward-looking statements" withinthe meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. Such statements include,but are not limited to, any statements relating to the company'sproduct development programs and any other statements that are nothistorical facts. Forward-looking statements are based onmanagement's current expectations and are subject to risks anduncertainties that could negatively affect our business, operatingresults, financial condition and stock price. Factors that couldcause actual results to differ materially from those currentlyanticipated risks relating to the results of research and developmentactivities, uncertainties relating to clinical trials, financing andstrategic agreements and relationships, our need for substantialadditional funds, government regulation, patent and intellectualproperty matters; as well as other risks described in our SECfilings. We expressly disclaim any obligation or undertaking torelease publicly any updates or revisions to any forward-lookingstatements contained herein to reflect any change in our expectationsor any changes in events, conditions or circumstances on which anysuch statement is based, except as required by law.
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Carol J. Perlman
FluoroPharma Medical, Inc.
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SOURCE: FluoroPharma Medical, Inc.
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