CytoCore Reduces Debt.CHICAGO -- CytoCore, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYCR), the late-stage bio-scientific research company, has tendered payment of principal and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. to its last senior debt holder, resulting in the reduction of approximately $1.7 million in liabilities. "The repayment of the notes and accrued interest reduces CytoCore's liabilities and completes another major step in our financial restructuring as we strive to meet our goal of bringing liabilities to under $1.5 million by year-end, thereby positioning the company to move forward aggressively with our trials and product roll-out in 2007," said Chief Financial Officer Robert F. McCullough Jr. For further information, visit www.CytoCoreInc.com About CytoCore Inc. CytoCore develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, endometrial endometrial /en·do·me·tri·al/ (en?do-me´tre-il) pertaining to the endometrium. endometrial, n relating to the end-ometrium or cavity of the uterus. , and other cancers. The InPath[TM] System is being developed to provide medical practitioners with highly accurate, low-cost, cervical and uterine cancer uterine cancer Malignant tumour of the uterus. Cancers affecting the lining of the uterus (endometrium) are the most common cancers of the female reproductive tract. screening systems that can be seamlessly integrated into existing medical models. More information is available at: www.CytoCoreInc.com Certain statements in this release are forward-looking. These statements are based on CytoCore's current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate To establish the existence or truth of a particular fact through the use of competent evidence; to verify. For example, an Eyewitness might be called by a party to a lawsuit to substantiate that party's testimony. CytoCore's expectations with respect to the InPath[TM] System, and other factors set forth in reports and documents filed by CytoCore with the Securities and Exchange Commission. Actual results may differ materially from CytoCore's current expectation depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005. Except as expressly required by law, CytoCore undertakes no obligation to publicly update or revise any 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. contained herein. |
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