$4.4 Million Available to Advance Premarket Approval Study and Current
FORT LAUDERDALE, Fla., Sept. 19 /PRNewswire-FirstCall/ -- Imaging Diagnostic Systems, Inc., (OTC Bulletin Board: IMDS) a pioneer in laser optical breast cancer imaging systems, announced completion of a financing arrangement intended to reduce its dependency on equity financing.
The Company has sold its headquarters building for $4.4 million in cash pursuant to a sale/leaseback agreement.
Tim Hansen, IMDS Chief Executive Officer, commented, "We are very pleased to have completed this arrangement. IMDS is at a critical point in its history; the market has never been more ready for a product like our CT Laser Mammography system (CTLM(R)). We have grown to eight sites participating in our U.S. clinical trials, and we may add more to accelerate data collection. We have tapped a cash source at the right time to support the PMA process without diluting our investors with continued drawing on our equity funding agreement. All of this is good news for our shareholders, who have patiently supported the Company through the lengthy product development stages. We believe this sale/leaseback move will help keep us financially and strategically poised to advance the PMA process and bring an exciting and revolutionary CTLM breast cancer imaging system to women worldwide."
Details of the sale/leaseback agreement are available in an 8K filing with the SEC.
About Imaging Diagnostic Systems, Inc.
Imaging Diagnostic Systems, Inc. has developed a revolutionary new
imaging device to aid in the detection and management of breast cancer. The
CTLM system is a breast imaging system that utilizes patented continuous
wave laser technology and computer algorithms to create 3-D images of the
|SOURCE Imaging Diagnostic Systems, Inc.|
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