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Vycor Medical, Inc. Completes Final Close on Equity Capital Raise
Date:8/4/2011

BOCA RATON, Fla., Aug. 4, 2011 /PRNewswire/ -- On August 4, 2011, Vycor Medical, Inc. ("Vycor" or the "Company") completed the sale of $660,000 in Units comprising Preferred Shares and Warrants (the "Units") to accredited investors (the "Investors"), (the "Preferred Offering"). The Units were issued pursuant to the terms of separate Series C Convertible Preferred Stock Purchase Agreements between the Company and each of the Investors. This sale is the Final Closing of the Preferred Offering, which taken together with the previous closings in June bring the total raised under the Preferred Offering to $3,000,000.

Each Unit was priced at $50,000.00 and comprised one share of Series C Preferred Convertible Stock convertible (at the Holder's option or mandatorily upon the occurrence of certain events) into 2,222,222 shares of the Company's Common Stock ($0.0225 per share) and a Warrant to purchase 1,111,111 shares of the Company's Common Stock at $0.03 per share (subject to adjustments) for a period of three (3) years. A total of 60 shares of Series C Convertible Preferred Stock convertible into 133,333,324 shares of the Company's Common Stock and Warrants to purchase 66,666,666 shares of the Company's Common Stock were issued in the Preferred Offering.

Prior to undertaking the Preferred Offering, Vycor had raised a total of $745,000 in Common Stock units, comprising 2 shares of Common Stock and a Warrant to purchase 1 share of Common Stock (the "Common Offering"), at the same price terms as the Preferred Offering. The total proceeds under the Preferred and Common Offerings are $3,745,000. The total issuance under the Preferred and Common Offerings are: Preferred Stock 60 shares (convertible into 133,333,324 shares of Common Stock); Common Stock 33,111,108 shares; Warrants 83,222,221.

The proceeds of the sale of the Units will be used for working capital and general corporate purposes. A portion of the
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SOURCE Vycor Medical, Inc.
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