Printer Friendly

Cryomedical Sciences Receives $1.0 Million in New Equity Financing.

Business Editors

KENNESAW, Ga.--(BUSINESS WIRE)--Oct. 17, 2001

Cryomedical Sciences Inc. (OTCBB: CRYM), a leader in low temperature medical technologies for cryoablation of cancerous tissue, and for the preservation of organs, tissues, and cells, today announced that it raised $1.0 million through a private placement consisting of 5,000 Units of its Series F Convertible Preferred Stock and warrants to several existing shareholders.

"Sophisticated investors have demonstrated their strong commitment to fund our marketing and product development initiatives," said Andrew Greuling, Cryomedical Sciences' President and CEO. "Although we expect to require additional funding in the first quarter of 2002, the proceeds from this financing will be employed to increase our presence in the expanding market for the cryoablation of cancer, for product development initiatives of our cryosurgical systems and preservation solutions, and to provide working capital."

Each Unit, priced at $200 per Unit, consisted of two shares of Series F Preferred Stock, each convertible into 400 shares of common stock at $0.25 per share, and one warrant to purchase 400 shares of common stock at $0.375 per share on or before October 3, 2006.

About Cryomedical Sciences

The initial development of the AccuProbe in 1992 provided CMS with market dominance in the modern cryosurgical marketplace. The company's Accuprobe(R) System uses a patented design that maintains Super Cooled Liquid Nitrogen in a liquid state, resulting in superior freezing characteristics when compared to other cryosurgical systems. The company is once again aggressively pursuing the market for cryoprostatectomy that has shown a dramatic increase with the recent positive changes in reimbursement.

Through its wholly owned subsidiary, BioLife Solutions, Inc., the company is developing a range of proprietary, cell, tissue and organ specific preservation solutions, based on its patented Hypothermosol(TM) platform technology. Initial clinical results suggest that these derivatives of Hypothermosol could significantly prolong cell, tissue and organ viability. The company continues to develop a variety of relationships with biotech firms who can utilize the Hypothermosol preservation solutions.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such forward looking statements include, but are not limited to: the company's rebuilding efforts, anticipated revenue growth, the introduction of the Accuprobe System, and the initial clinical results of its Hyperthermosol derivatives. Cryomedical Science cautions that these statements are subject to substantial risks and uncertainties and are qualified by important factors known and unknown that could cause actual results to differ materially from those reflected by the forward-looking statements and should not be relied upon by investors when making an investment decision. These factors include, without limitation, market acceptance of Cryomedical Sciences' products, future economic, regulatory, competitive, and market conditions and future business decisions. Information on these and other factors is detailed in the company's Form 10-KSB for the year ending December 31, 2000 and other documents filed with the Securities and Exchange Commission.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Oct 17, 2001
Previous Article:Sonic Foundry Completes Acquisition of MediaSite.
Next Article:Nextel Partners Launches First 'Four-in-one' Wireless Service in Cumberland.

Related Articles
Chemical creates $100M housing development fund.
E&Y Launches Finance Unit.
Horowitz: creative financing needed to finish deals.
Carlton reaches $1 billion milestone.
$1M Cobra loan.
Business booming at Carlton Group.
Lenders show Colors raising restaurant cash.
RiverOak fills cash gap.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters