ChromaVision Medical Systems Inc. Announces $20 Million Private Placement of Common Shares.SAN JUAN CAPISTRANO San Juan Capistrano (săn wän kăpĭsträ`nō), city (1990 pop. 26,183), Orange co., S Calif.; inc. 1961. San Juan Capistrano has some manufactures, including aircraft parts, medical apparatus, and boats, but the economy is , Calif.--(BUSINESS WIRE)--Sept. 27, 1999-- ChromaVision Medical Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM:CVSN), developer of unique cellular imaging diagnostics and manufacturer of the Automated Cellular Imaging System (ACIS(TM)), Monday announced that it has entered into definitive agreements for the sale of an aggregate of 1,775,000 newly issued shares of its common stock to selected institutional and other accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". . The purchase price per share was $11.25. The closing of this financing will occur concurrently with the declaration of effectiveness of a resale registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the shares. Prudential Vector Healthcare Group, a division of Prudential Securities Inc., served as placement agent for the private financing. ChromaVision Chief Executive Officer and President Dr. Douglas S. Harrington stated, "We are very pleased that these investors have made this significant investment in our company. The proceeds from the private placement will enable ChromaVision to continue its rapid transition from research and development to active promotion and selling of our Automated Cellular Imaging System in the market place." A registration statement relating to the resale of these securities for the purchasers is expected to be filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. About ChromaVision Medical Systems ChromaVision Medical Systems manufactures and markets an advanced cellular imaging system designed to advance the detection, diagnosis and treatment of cellular disease. The Automated Cellular Imaging System (ACIS(TM)) combines proprietary, color-based imaging technology with automated microscopy to bring unprecedented sensitivity, accuracy and reproducibility to cancer, infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. and genetic cell-based diagnostics. ChromaVision currently markets its products to physicians and researchers in university medical centers and commercial laboratories throughout the world. ChromaVision Medical Systems Inc. was formed by XL Vision Inc., and is a Safeguard Scientifics Inc. (NYSE NYSE See: New York Stock Exchange :SFE See Sydney Futures Exchange. ) partnership company. For more information on ChromaVision Medical Systems Inc., visit the company's Web site at http://www.chromavision.com. The statements contained herein regarding ChromaVision Medical Systems Inc. contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainty. Future events and the company's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, uncertainty of success in developing any new diagnostic test, failure to obtain FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance or approval for particular applications and dependence on third parties for clinical testing. ACIS is a trademark of ChromaVision Medical Systems Inc. |
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