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PreMD Reports First Quarter Results
Date:5/15/2008

eiving $200,000 for the year ended December 31, 2006 as well as accruing $25,000 ITCs for Q1 2008.

As at March 31, 2008, PreMD had cash, cash equivalents and short-term investments totaling $1,391,000 ($1,190,000 as at December 31, 2007). To date, we have financed our activities through product sales, license revenues, the issuance of shares and convertible debentures and the recovery of provincial ITCs. The Company reported a loss of $1,683,000 for the three months ended March 31, 2008, has a shareholders' deficiency of $5,055,000 as at March 31, 2008. On March 12, 2008, the Company issued, by way of private placement, $1,435,294 senior unsecured debentures maturing on September 12, 2009 and 5,072,395 common share purchase warrants for gross proceeds of approximately $1,220,000. Each common share purchase warrant expires in March 2013 and entitles the holder to acquire on common share at a price of $0.2759 per share.

Financial statements are attached to this press release and are available at http://www.sedar.com.

About PreMD

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 coul
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SOURCE PreMD Inc.
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