CytoCore Secures New Funding; New Capital To Allow Company to Expand Research and Development Activities.CHICAGO -- CytoCore, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : MCDG) announced today that it has secured in excess of $1 million in new equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from institutional sources through the issuance of common stock at current market prices. The funding will be used to immediately implement key aspects of its product development plans. "This new funding CytoCore will be putting a number of key programs into motion," said 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. David Weissberg. "They include hiring key personal for our research laboratory with Dr. Gorodeski and our product development laboratory with the AIPS AIPS Astronomical Image Processing System AIPS Astronomical Information Processing System AIPS Association Internationale de la Presse Sportive (French: International Sports Press Association) AIPS American Institute for Public Safety project in Chicago, putting the e2 Collector into manufacturing development, and bringing together resources and people to develop the strategic distribution strategy for the Collector. We expect to have a string of positive developments to announce over the coming months." A representative for one of the institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. stated that, "I have been following this company for a number of years. The progress made under the current management team with the turn around is very positive. I believe the company is substantially undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. even when valuing only its near term commercial opportunity with the e2-collector. Considering the longer-term commercial opportunity, with the bio-markers and the automated microscope, the current market valuation could in hind-sight prove to be irrationally low, bearing in mind that more than $40M has been invested in the company to date to bring MCDG's technologies to the market." 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 a highly accurate, low-cost, cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. screening and treatment system that can be integrated into existing medical models or at the point-of-care. More information is available at: www.Molecular-Dx.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 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, 2004 and its Quarterly Reports on Form 10-QSB for the quarters ended June 30, 2005 and September 30, 2005. Except as expressly required by law, CytoCore undertakes no obligation to publicly update or revise any forward-looking statements contained herein. |
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