Medical Discoveries Issues Corporate Update.DALLAS--(BUSINESS WIRE)--April 1, 1996--Medical Discoveries, 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 BB: MLSC), a development stage company, announced today several significant corporate developments. These included the completion of a private placement; changes in the company's board of directors and management restructuring; and favorable settlement of certain legal disputes. Additionally, the company announced the appointment of Tanner & Co. (Salt Lake City) as independent auditor Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. . PRIVATE PLACEMENT RAISES $475,000 Recently, Medical Discoveries, Inc. successfully raised $475,000 in a private placement. The placement involved units consisting of one share of common stock and a warrant to purchase three shares of stock. The warrants are exercisable at $3 per share through March 31, 1999. Proceeds of the private placement will be used as working capital and to support additional research and development toward commercializing the company's proprietary technology and equipment, which is engineered to rapidly sterilize sterilize /ster·i·lize/ (ster´i-liz) 1. to render sterile; to free from microorganisms. 2. to render incapable of reproduction. ster·il·ize v. 1. medical, veterinary and dental instruments Dental instruments refer to the tools which dental professionals use to provide dental treatment. They include tools to examine, manipulate, restore and remove teeth and surrounding oral structures. . Funds will also enable the company to undertake further exploration and assess additional applications of its technology. BOARD AND MANAGEMENT RESTRUCTURING MDI (1) (Multiple Document Interface) A Windows function that allows an application to display and lets the user work with more than one document at the same time. announced that Alvin Zidell, a member of the company's board of directors since 1993, has been named interim president. In addition, the board continues its search for a successor to fill the vacancy created by the resignation of former board member Robert Spira. MDI also announced that John Carella, former chief financial officer of the company, has resigned to pursue other interests; the board is currently in the process of identifying a successor. Regarding product development, Director and Vice President Marlin Toombs indicated that Dr. William Welch
William C. Welch[1] (born December 18, 1977 in Detroit, Michigan) is an American professional wrestler, better known by his ring name (The) Messiah. has returned to his role as vice president of research and development, in order to dedicate his professional expertise to "... a number of critically important and demanding projects currently underway." Said Toombs, "While we recognize the contributions made by Messr. Spira, who joined the company at a critical stage in its development, we are confident that this restructuring will help MDI make 'highest and best use' of the excellent resources available to it as we proceed toward commercialization." SETTLEMENT OF DISPUTES Toombs also announced that MDI has reached a favorable settlement in the matter of Mark Del Rocco and Carmella Del Rocco vs. MDI and also in its lawsuit against Anti-Viral of America (nullification nullification, in U.S. history, a doctrine expounded by the advocates of extreme states' rights. It held that states have the right to declare null and void any federal law that they deem unconstitutional. of letter of intent for technology licensing). In the first matter, the former director has withdrawn his complaint against MDI, while in the second matter, judgment has resulted in a lifetime injunction against a former director, who has also been assessed a fine of $150,000. APPOINTMENT OF NEW INDEPENDENT AUDITOR According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Toombs, Tanner & Co. recently completed its audit of the company's financial statements for 1995, along with a re-audit for prior years 1994 and 1993. "These audits, conducted under the direction of Rick Jensen, senior partner at Tanner & Co., are aimed at strengthening MDI's financial reporting systems, and providing a firm foundation to optimize the company's market opportunities going forward," said Toombs. CLEARING THE DECKS "These recent developments constitute significant advances in MDI's development, and importantly clear the decks for MDI to concentrate its energies on the important tasks at hand," said Toombs. "Unencumbered by issues that had obstructed our critical path toward commercialization, we are now free to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. our resources toward the fulfillment of our objectives." Medical Discoveries, Inc. is a development stage biotechnology company focused on commercialization of certain antibiotic and antiviral antiviral /an·ti·vi·ral/ (-vi´ral) destroying viruses or suppressing their replication, or an agent that so acts. an·ti·vi·ral adj. technologies and agents, and especially processes and equipment for the rapid sterilization sterilization Any surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). of dental, veterinary and medical instruments. CONTACT: Medical Discoveries, Inc. Marlin Toombs, 801/273-7388 William Welch, Ph.D., 801/571-1182 or Jordan Richard Assoc. Madeleine Franco or Andrew Graft, 801/595-8611 |
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