SOURCE: Paracelsian Inc.
Paracelsian Announces Private Placement and Contract Revenues
ITHACA, N.Y., Aug. 3 /PRNewswire/ -- Paracelsian, Inc. (OTC Bullettin Board: PRLN) announced today that it has completed a private placement in the amount of $400,000. In addition, under the terms of the placement, warrants for substantial additional investment in Paracelsian are provided. The funds will be used for working capital as the company continues to develop cash flow from its BioFIT(TM) herbal quality assurance program and Ah Immunoassay Dioxin test.
''With this additional private investment and with the $257,000 provided from the initial phase of our partnership with Kubota, we can continue to move ahead to further develop our quality assurance and environmental businesses. Both of these business segments are already generating meaningful revenues and we fully expect these revenues to grow substantially in the near term,'' stated Bernie Landes, President and CEO.
Paracelsian is a unique biotechnology company whose business centers on the development and application of functional bioassays. These assays are the basis of its BioFIT(TM) Quality Assurance program for herbs, botanicals and other dietary supplements, are also used in the development of dietary supplement, OTC and pharmaceutical products, and in monitoring environmental toxins and identifying carcinogens.
The company is actively involved in E-commerce through its Internet business that leverages its unique relationships in China to provide proprietary content and a variety of research services related to Traditional Chinese Medicine on its China-med.net website (http://www.china-med.net).
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