PACE CLOSES $3.6 MILLION SPECIAL WARRANT FINANCING.
Dr. Jeremy Clapp, President of Pace, said the Company is now adequately financed to permit rapid acceleration of its growth strategies for both its heart attack diagnostic tests and its lead testing products. He said the proceeds of the financing would be used (i) to complete the acquisition of all manufacturing rights for its GPBB-ELISA heart attack diagnostic; (ii) to fund clinical trials for its initial GPBB-ELISA test; (iii) to fund additional heart attack diagnostic R & D for a diverse line of products, both qualitative and quantitative including such markers as Myoglobin, Troponin 1, and Creatine Kinase MB isoenzyme; (iv) to automate manufacturing of its lead testing products; (v) to fund market development of lead testing products; and (vi) working capital.
Dr. Clapp said that clinical trials are expected to commence within a few weeks for the Company's GPBB-ELISA tests and that accelerated development has begun to utilize Pace patented reagents for a series of additional tests including one quantitative stat cardiac diagnostic panel of tests that could provide results in two to three minutes.
The Company also reports that sales of lead test products had increased sharply in recent weeks and that further sales gains could be expected now that market development funds are available.
The Pace Corporation is an international company which develops, manufactures, markets and distributes easy to use, accurate and cost effective medical diagnostic and environmental test kits. Its primary areas of interest are the early differential diagnosis of heart damage, North America's number one killer, and the detection and evaluation of lead poisoning in children, the largest environmental issue in the history of the United States.
Shares of The Pace Corporation are traded on the Canadian Dealing Network (PACL).
CONTACT: The Pace Corporation
Dr. Jeremy Clapp, President & C.E.O., 905/709-1196
Kieran and Co. Inc.
Jon W. Kieran or Cathy Hume, Investor Relations,