Applied NeuroSolutions Completes $8 Million Private Placement; Converts Bridge Loans to Equity.Business Editors VERNON HILLS, Ill.--(BUSINESS WIRE)--Feb. 12, 2004 Applied NeuroSolutions (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APNS APNS All Pakistan Newspapers Society APNS Alliance to Protect Nantucket Sound ) headquartered here, said today it completed a private placement for $8.0 million, and converted all outstanding bridge loans into equity. The placement included 12 institutional investors led by the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based Special Situations Private Equity Fund L.P. The company said it intends to utilize the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $7.34 million to fund pivotal clinical trials for its cerebrospinal fluid cerebrospinal fluid (CSF) Clear, colourless liquid that surrounds the brain and spinal cord and fills the spaces in them. It helps support the brain, acts as a lubricant, maintains pressure in the skull, and cushions shocks. (CSF Cerebrospinal Fluid (CSF) Analysis Definition Cerebrospinal fluid (CSF) analysis is a laboratory test to examine a sample of the fluid surrounding the brain and spinal cord. ) based diagnostic test for Alzheimer's disease (AD), complete development of a serum-based diagnostic test for AD, accelerate its therapeutic program, and meet working capital needs for the next two years. The company issued investors 32 million units priced at twenty-five cents -- the maximum number of units that were offered. Each unit included one common share and a full warrant to purchase an additional common share at thirty cents. In connection with this transaction, bridge investors, who had invested approximately $2.6 million in the company over the past 18 months, agreed to convert their loans into units at substantially the same terms. As a result of these transactions, Applied NeuroSolutions currently has approximately 90 million common shares issued and outstanding, and is debt free. According to Bruce N. Barron, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "I am pleased that Applied NeuroSolutions now has the resources to establish itself over the next 24 months as the industry leader in the diagnosis of Alzheimer's disease. I would like to thank our shareholders and employees for their patience and loyalty over the years." This press release contains forward-looking statements. Applied NeuroSolutions wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, potential competitive offerings, and access to capital. For further information, please visit the company's website at www.appliedneurosolutions.com, and review the company's filings with the Securities and Exchange Commission. |
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