Well, Folks, Finally some News!
Jonathan
Thursday December 17, 5:37 pm Eastern Time
Company Press Release
SOURCE: Paracelsian
Paracelsian Announces Private Placement And Biofit Progress
ITHACA, N.Y., Dec. 17 /PRNewswire/ -- (http://www.paracelsian.com) -- Paracelsian announced today that it has obtained $250,000 of capital through a private placement of common stock. This financing is expected to satisfy the Company's capital needs through the commencement of a revenue stream. The Company anticipates initial receipt of revenues under its agreement with R.P. Scherer in early January.
''We have made excellent progress in the completion of the initial BioFIT product line as required in our agreement with R.P. Scherer,'' said Bernie Landes, Paracelsian's CEO and President. ''We also have generated significant interest in the marketplace. Based on this progress, we expect the flow of revenue under the North American agreement to begin early in January,'' continued Mr. Landes.
''We also are engaged in discussions with several parties regarding the other aspects of our business. Related announcements will be forthcoming at the appropriate time,'' added Mr. Landes.
Paracelsian is a unique biotechnology company whose business centers on the development and application of functional bioassays. These assays are used for Quality Assurance of herbs, botanicals and other dietary supplements, in the development of dietary supplement, OTC and pharmaceutical products, and in monitoring environmental toxins and identifying carcinogens. Notice: This news release may contain forward-looking statements.
Investors are cautioned that such forward-looking statements involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.
No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
SOURCE: Paracelsian
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