AMDL ANNOUNCES LETTER OF INTENT FROM L.P. CHARLES AND CO.
AMDL ANNOUNCES LETTER OF INTENT FROM L.P. CHARLES AND CO. DENVER, Nov. 20 /PRNewswire/ -- AMDL Inc. (OTC) announced today that it has received a signed letter of intent from L.P. Charles and Co. (Denver) for a firm secondary stock underwriting grossing the company, $6,600,000. The terms of the letter of intent include a reverse split of 5 to 1 giving the company a total of 2,600,000 shares outstanding. The price of the offering will be in the range of $5-7/unit. A unit representing one common share of stock and a warrant at $8. Once secondary financing is completed, the scientific staff will be moved to Denver where the company will be headquartered. The underwriter may co-underwrite the offering with one or several underwriting firms. Additionally, AMDL is exploring several interim financings for operating working capital. The company received a letter of intent from VenBank for a $250,000 bridge. As with any letter of intent, there can be no guarantees that the bridge financings will be completed. The company's scientific staff, in conjunction with Dr. Glenn Justice (primary presenter) recently presented a paper in Genoa, Italy at the Eleventh Biennial Meeting of the European Association for Cancer Research. The scientific staff was notified that the company's technology will be presented in the new technology section of the Journal of Oncology appearing in December or early quarter of 1992. Dr. Guerrero and Dr. Rounds, the company's senior scientific staff recently demonstrated the test kit system at the Cross Cancer Institute in Edmonton, Alberta, Canada. Human blood samples from normal and cancer patients were scrambled, coded and evaluated by the laboratory staff of the Cross. The test kit system detected all the coded blood samples with complete accuracy. The Cross Cancer Institute will participate with the company in the human clinical trials anticipated to begin in mid to late 1992, under signed agreement with the Alberta Cancer Board. -0- 11/20/91 /CONTACT: Louis R. Dilts of AMDL, 303-770-2966/ CO: AMDL Inc.; L.P. Charles and Co. ST: Colorado IN: MTC SU:
BB -- DV003 -- 5268 11/20/91 09:05 EST
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|Date:||Nov 20, 1991|
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