Navigation Links
PreMD Inc. Completes Debenture Financing
Date:3/12/2008

TORONTO, March 12 /PRNewswire-FirstCall/ - Predictive medicine company PreMD Inc. (TSX: PMD; Amex: PME) ("PreMD" or the "Company") today announced that it has completed its previously announced debenture financing with several existing institutional investors and insiders, including Midsummer Investment, Ltd. The gross proceeds of the financing totaled approximately CDN$1.22 million, and will be used for general corporate expenses, with a focus on the Company's appeal to the US Food and Drug Administration (FDA) regarding its recent 510(k) submission.

"We are very pleased to have this financial backing at this time," said Dr. Brent Norton, president and CEO of PreMD. "We are facing some challenges, but with our FDA appeal underway and existing clinical trials continuing, this financing gives us the time we need to see the business through 2008. We hope to quickly resolve our FDA issues and proceed with the commercialization of our skin cholesterol test in the US market."

The unsecured debentures mature 18 months after the date of issuance at an amount equal to CDN$1,176 per CDN$1,000 principal amount. The Company has agreed to certain pre-payable forced redemptions at the option of the holders or the Company. The Company has also issued approximately five million common share purchase warrants (the "Warrants"), each Warrant being exercisable for a period of five years into one common share at $0.2759, a price equal to 100% of the 5-day volume-weighted average price of the common shares on the Toronto Stock Exchange.

About PreMD Inc.

PreMD Inc. is a leader in predictive medicine, dedicated to developing rapid, non-invasive tests for the early detection of life-threatening diseases. PreMD's cardiovascular products include a line of non-invasive skin cholesterol tests. PreMD's other skin cholesterol products include PREVU(x) LT, a skin cholesterol test designed for use in the life insurance industry. The Company's cancer tests include ColorectAlert(TM), LungAlert(TM) and a breast cancer test. PreMD's head office is located in Toronto, Ontario and its research and product development facility is at McMaster University in Hamilton, Ontario. For more information about PreMD, please visit http://www.premdinc.com.

This press release contains forward-looking statements. These statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the successful development or marketing of the Company's products, the competitiveness of the Company's products if successfully commercialized, the lack of operating profit and availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, product liability, reliance on third-party manufacturers, the ability of the Company to take advantage of business opportunities, uncertainties related to the regulatory process, and general changes in economic conditions. In addition, while the Company routinely obtains patents for its products and technology, the protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by our competitors and there can be no guarantee of our ability to obtain or maintain patent protection for our products or product candidates.

Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. PreMD is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

(x) Trademark


'/>"/>
SOURCE PreMD Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. PreMD Inc. Signs Agreement with Cosmetics Conglomerate
2. PreMD Inc. Announces Debenture Financing
3. PreMD Initiates FDA Review Process and Provides Corporate Update
4. PreMD Announces FDA Decision on POC Skin Cholesterol Test
5. PreMD Announces Valuable Data on PREVU(x) LT Life Insurance Product
6. PreMD Inc. Provides Corporate Update
7. PreMD Provides Update on 510(k) Application for PREVU(x) POC
8. Gentiva(R) Health Services Completes Acquisition of Major Home Health Provider in CON State of Mississippi
9. Roche Completes Tender Offer for Ventana Shares
10. Nyer Medical Group Completes Acquisition of Minority Interest in Pharmacy Chain Subsidiary; Former Minority Shareholders Invest in Nyer Medical Group and Sign 3-Year Employment Agreements
11. KV Pharmaceutical Company Completes Unaudited Fiscal 2007 Results; Receives Trading Extension From NYSE
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2017)... Ca (PRWEB) , ... May 24, 2017 , ... ... effects and background. Understanind and choosing the most appropriate instruments for research and ... critical in research finding. This webinar will focus on innovations in stereo microscopy ...
(Date:5/24/2017)... (PRWEB) , ... May 24, 2017 , ... ... dental implants in Bayside, NY, who have now spent 10 years as clinical ... New York University (NYU) College of Dentistry. Through the program, private practitioners receive ...
(Date:5/24/2017)... ... May 24, 2017 , ... Myers Jackson is well known for auctioning homes ... luxury homes anywhere on the planet. The luxury home market is alive and well ... city-scapes. A quick search of “11 Spyglass Hill Auction will enlighten you on the ...
(Date:5/24/2017)... ... 24, 2017 , ... Accordant Technology, a trusted IT solutions ... an analytics-first approach, layered with machine learning, that provides real-time visibility into the ... cloud to the edge. Through the new partnership, customers get the real-time situational ...
(Date:5/24/2017)... ... May 24, 2017 , ... The CFOs included ... and health systems in the nation and help their organizations navigate the challenges ... and been instrumental in developing successful hospital and health system strategy. , Becker's ...
Breaking Medicine News(10 mins):
(Date:5/6/2017)... SKANEATELES FALLS, N.Y. , May 5, 2017 /PRNewswire/ ... expansion that will add approximately 100,000 square feet to ... announced in September 2016 its commitment to bring more ... York , where Welch Allyn has maintained a ... facility will help accommodate these new positions, a large ...
(Date:5/4/2017)... , May 4, 2017  A recent ... Control, Ultraviolet-C light as a means ... SmartUVC,s ability to reduce bioburden on anesthesia workstations. ... reduction on high-touch, complex medical equipment surfaces contaminated ... infections. "This study further validates the ...
(Date:5/4/2017)... SAN DIEGO , May 4, 2017 ... 2017 Annual Clinical and Scientific Meeting— OBP Medical , ... devices, today announced the launch of a new extra-small ... and ER-SPEC vaginal specula. Already available ... and extra-large sizes makes OBP Medical,s line of single-use ...
Breaking Medicine Technology: