TUSTIN, Calif., Dec. 24 /PRNewswire-FirstCall/ -- AMDL, Inc. (Amex: ADL), developer and marketer of tests for the early detection of cancer and other serious diseases, announced today that it has conducted the closing of its combined Regulation D/Regulation S private unit offering of 2,007,508 shares of common stock and warrants to purchase 1,003,755 shares of common stock, generating net proceeds of approximately $5,433,000. The shares of AMDL common stock were sold at $3.09 per share and the four year warrants included in the units are exercisable at $4.74 per share. Warrants to purchase an additional 200,751 shares were issued to AMDL's placement agents at the same exercise price. AMDL agreed to file a registration statement within 60 days of the closing to register the resale of the shares of common stock and the shares issuable on exercise of the warrants included in the units and the placement agent warrants. Spencer Clarke, LLC, a FINRA member broker dealer, acted as AMDL's principal placement agent for sales in the United States, and Galileo Asset Management, S.A., a member of the Association Romande des Intermediaries Financier, acted as AMDL's placement agent for sales outside of the United States.
Gary L. Dreher, President of AMDL, said: "The reception to the offering was gratifying under the current economic climate. These funds provide some of the additional working capital we need to expand Jade Pharmaceutical Inc.'s new business opportunities and product development efforts in China and for our other general working capital needs."
AMDL, Inc., headquartered in Tustin, California, with operations in
Shenzhen, Jaingxi and Jilin China through its wholly owned subsidiary Jade
Pharmaceutical Inc., is an international biopharma company. AMDL together
with Jade engages in the development, manufacture and marketing of
proprietary pharmaceutical and testing products. More information about
AMDL and its products can be obt
|SOURCE AMDL, Inc.|
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