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Escalon(R) Medical Corp. Completes $1.1 Million Private Equity Financing
Date:11/21/2008

WAYNE, Pa., Nov. 21 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC) today announced that on November 20, 2008 has completed a $1,100,000 private placement of common stock and common stock purchase warrants to accredited and institutional investors. The Company sold 1,000,000 shares of common stock at $1.10 per share. The investors also received warrants to purchase an additional 150,000 shares of common stock at an exercise price of $1.21 per share. The warrants cannot be exercised for 181 days. The net proceeds to the Company from the offering, after fees and expenses, will be approximately $1,029,000. Barrett & Company of Providence Rhode Island, acted as placement agent on behalf of the Company in the private placement.

"As the world is captivated by the magnitude of the unfolding economic crisis, which led to a dramatic increase in the cost of capital; we thought it prudent to secure private equity financing at this time. We believe that the new funding will enable us to strengthen our balance sheet and provide additional working capital for general corporate purposes during this trying economic environment," commented Richard J. DePiano, Chairman and Chief Executive Officer.

As the result of the private placement, Escalon Medical will have 7,413,930 shares of common stock outstanding, not including the shares issuable upon the exercise of the warrants.

The shares were offered in reliance on an exemption from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The offering has not been registered under the Securities Act or any state securities laws, and the shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities
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SOURCE Escalon Medical Corp.
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