ChromaVision Medical Systems Inc. Announces Completion of $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)--Oct. 11, 1999-- ChromaVision Medical Systems Inc. (Nasdaq:CVSN), developer of unique cellular imaging diagnostics and manufacturer of the Automated Cellular Imaging System (ACIS)(TM), Monday announced that it has closed 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 private placement was initially announced on Sept. 24, 1999, and was closed on Oct. 7, 1999. The purchase price per share was $11.25. 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). to the company from the sale of the shares are approximately $18.6 million. The funds will be used to provide working capital to continue to develop and commercialize the ACIS products and for general corporate purposes. Prudential Vector Healthcare Group, a division of Prudential Securities Inc., acted as the placement agent for the sale of the shares. 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 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, visit the company's Web site at http://www.chromavision.com. The statements contained herein regarding ChromaVision Medical Systems Inc. contain forward-looking statements 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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