Arbios Announces $6.61 Million Private Placement of Common Stock and Warrants.LOS ANGELES -- Arbios Systems, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ABOS ABOS American Board of Orthopaedic Surgery ) announced today that the Company has entered into definitive agreements with investors relating to a private placement of $6.61 million through the sale of 2,991,812 shares of common stock and warrants to purchase 1,495,906 shares of additional common stock. The shares of common stock were sold at a price of $2.21 per share, and the warrants are exercisable for a period of five years at a price of $2.90 per share. The Company has agreed to file a registration statement with the SEC for the resale of common stock within 30 days. Rodman & Renshaw, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control was the placement agent for this transaction. Arbios plans to use 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 this transaction to start and complete a pilot clinical trial for SEPET SEPET System Electrical Performance and Evaluation Test (TM), a novel blood purification therapy employing selective plasma filtration, and for the SEPET(TM) pivotal trial which is scheduled to begin later in 2005. In addition, the Company will be preparing for a Phase III clinical trial Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the for HepatAssist-2(TM), which is currently scheduled to begin in 2006. HepatAssist-2(TM), is a liver cell therapy and sorbent-based plasma filtration technology, integrated into a proprietary BAL (1) (Basic Assembly Language) The assembly language for the IBM 370/3000/4000 mainframe series. (2) (Branch And Link) An instruction used to transfer control to another part of the program. BAL - Basic Assembly Language (Bioartificial Liver) system. The Company also announced that Richard W. Bank, a fund manager with the lead investor in this financing transaction, has resigned from the Company's board of directors effective January 15, 2005. Dr. Rozga stated, "We appreciate Dick Bank's wise counsel as a board member and wish him well in his future endeavors." About Arbios Arbios Systems, Inc. is a biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. device company that, through its wholly-owned subsidiary, Arbios Technologies, Inc., is engaged in the discovery, acquisition and development of proprietary liver assist devices and new technologies useful in the diagnosis and treatment of acute liver failure Acute liver failure is the appearance of severe complications rapidly after the first signs of liver disease (such as jaundice), and indicates that the liver has sustained severe damage (loss of function of 80-90% of liver cells). . Arbios' products in development include SEPET(TM), a novel blood purification therapy employing selective plasma filtration therapy, HepatAssist-2(TM), a bioartificial liver based on technology recently acquired from Circe Biomedical, Inc., and LIVERAID(TM), a bioartificial liver in which liver cell therapy and sorbent-based hemodiafiltration are integrated in the company's proprietary three-compartment cartridge with fiber-in-fiber geometry. At present no effective direct treatment for liver failure liver failure Clinical medicine Liver insufficiency that results in death, requires a liver transplant, or is characterized by recovery after encephalopathy, or while awaiting a transplant; also defined as a condition with ≥ 3 of following: albumin < 3. is available, and patients must receive a liver transplant liver transplant Hepatic transplant Transplant surgery A procedure that replaces a cancer conquered, metabolically defeated, or substance subjugated liver with one no longer required by its owner, many of whom donate same after an MVA Diseases requiring transplant or endure prolonged hospitalization with a significant mortality rate. However, only a small percentage of liver failure patients receive a transplant due to shortage of donor livers. Further, many patients cannot be transplanted because of alcohol or drug abuse, infection, cancer, cardiovascular disease, etc. There is, therefore, an urgent need for artificial means of liver assistance to facilitate recovery from liver failure without a transplant. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the ability of Arbios to complete the development of its products, the uncertainty related to the results of the clinical tests to be conducted by the company, the need for subsequent substantial additional financing to complete clinical development of its products, and Arbios' ability to successfully market its products and technologies. These statements represent the judgment of Arbios' management as of this date and are subject to risks and uncertainties that could materially affect the company. The company does not undertake any obligation to publicly release the result of any revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SEPET(TM) and HepatAssist-2(TM) are trademarks of Arbios Technologies, Inc., the subsidiary of Arbios Systems, Inc. |
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