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UPDATE - ProUroCare Announces $3 Million Financing Agreement
Date:9/29/2010

MINNEAPOLIS, Sept. 29 /PRNewswire-FirstCall/ -- ProUroCare Medical Inc. (OTC Bulletin Board: PUMD), a provider of proprietary imaging products, today announced the signing of an agreement for $3.125 million in equity financing with Seaside 88, LP of Juno Beach, Fla.  The proceeds of the financing will be used to expand the company's product portfolio and to support scale-up activities associated with final preparation, manufacturing and eventual marketing of the ProUroScan™ prostate imaging system following FDA clearance.  The company's first product is currently under review by the FDA as a "de novo" filing, and a portion of this funding will be used to support operations during the ongoing FDA review period.  This funding brings the total amount of money raised by ProUroCare since January 2007 to $13.9 million.

"We are very pleased to have Seaside 88, LP as a strategic partner in support of our efforts to move the ProUroScan system through FDA review and into active commercialization," said ProUroCare CEO Rick Carlson.  "There are several activities required to prepare a product for marketing following FDA clearance, and this funding will enable us to move key programs forward while also interacting with the FDA on the de novo submission.  The data from our clinical studies are very positive and support the potential value of this product to visually document prostate abnormalities secondary to a digital rectal examination."

The $3.125 million funding will be provided in seven tranches.  The first closing, completed upon the signing of the agreement, provided $875,000 at a selling price of $0.625 per share.  Subsequent closings are scheduled to provide an additional $750,000 within 30 days following FDA clearance of the ProUroScan system and then another $1.5 million provided in five subsequent closings of
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SOURCE ProUroCare Medical Inc.
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