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Albuquerque,
NM (March 17, 2010) - Cancer diagnostics company Biomoda, Inc. (OTC
BB: BMOD) (www.biomoda.com)
today announced that it has entered into agreements with a
syndicate of institutional investors for up to $2.0 million.
LifeTech Capital, a division of Aurora Capital LLC, acted as the
exclusive placement agent for the financing.
"We
are extremely pleased with the outcome of this round of
financing," said John Cousins, Biomoda president and chief
executive officer. "The institutions that participated
in this investment speak volumes about the promise of our
technology and the validity of our business model and strategy.
This is a significant stamp of approval from prestigious
investment funds with a strong history of success in the biotech
sector."
Biomoda's
CyPath® diagnostic assay which binds to cancer cells and causes
them to fluoresce red under ultraviolet light is currently in
clinical trials as a diagnostic for early-stage lung cancer.
Pending U.S. Food and Drug Administration (FDA) clearance, CyPath®
is for investigational use only.
"Proceeds
from this financing will allow us to continue our clinical trials,
submit our findings to the FDA for clearance as a Class III
medical device and begin commercialization of a breakthrough
technology for the early detection of cancer," Cousins said. The
initial funding is $1,000,000, with the investors having the right
to invest an additional $1,000,000.
Cousins
praised LifeTech Capital, (www.lifetechcapital.com)
a division of Aurora Capital LLC, (www.auroracapital.com)
for bringing the transaction to a successful close. "The
investment banking team at LifeTech specializes in the unique
needs of the biotech and medical technology industries. They
understand how to analyze the future value of technologies like
ours and match companies with the right investors," Cousins
said.
The
securities described above were sold by the Company in private
placements and were not registered under the Securities
Act of 1933, as amended (the "Securities Act").
The securities were sold in reliance upon exemptions from the
registration requirements of the Securities Act pursuant to Regulation
D promulgated under the Securities Act. Therefore, the
securities may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and any applicable
state securities laws. This press release does not
constitute an offer to sell any securities or a solicitation of an
offer to purchase any securities.
About
Biomoda
Biomoda
(OTC BB: BMOD) (www.biomoda.com)
is a cancer diagnostics company focused on the development of
accurate, inexpensive and noninvasive tests for the early
detection of cancer. Current research and development operations,
laboratory functions for both microscopy and assay formulation,
and administrative offices are located in Albuquerque, NM.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are based on
estimates, projections, beliefs and assumptions of Biomoda
management at the time of such statements and are not guarantees
of future performance. Forward-looking statements involve risks
and uncertainties in predicting future results and conditions.
Actual results could differ materially from those projected in
these forward-looking statements due to a variety of factors,
including, without limitation, the acceptance by customers of our
products, our ability to develop new products cost-effectively,
our ability to raise capital in the future, the development by
competitors of products using improved or alternative technology,
the retention of key employees and general economic conditions.
Forward-looking statements are made as of the date of this press
release and are subject to change without notice.
CONTACT:
Biomoda, Inc.
John
Cousins
505.821.0875
investor@biomoda.com
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