NEWTON, Mass., July 11 /PRNewswire/ -- Matritech, Inc.
(Nasdaq: NMPS; BSE: MPS) announced today that the Company does not plan
to proceed with a public offering of 2,000,000 shares of common stock,
of which 1,800,000 shares were to have been sold by Matritech and
200,000 shares by a selling stockholder. The offering was to have been
managed by Montgomery Securities and Genesis Merchant Group Securities.
"Given the recent downturn in the stock market, and given our strong
cash position and recent FDA approval of our first product, we have
decided to withdraw our previously announced stock offering," said
Stephen D. Chubb, Matritech's founder and chief executive officer.
Matritech develops, manufactures and markets innovative cancer
diagnostic products based on its proprietary nuclear matrix protein
("NMP") technology. Using this technology, the Company has developed
the NMP22(R) Test Kit, a urine-based assay for bladder cancer recently
approved by the FDA for sale in the United States. The Company is also
developing a series of other non-invasive or minimally invasive cancer
diagnostic tests for colorectal, prostate, cervical and breast cancer,
among others.
CONTACT: Stephen D. Chubb, CEO or Leslie R. Teso, VP/Finance of Matritech, Inc.,
617-928-0820, or Ronald C. Trahan, President of Ronald Trahan Associates, Inc.,
508-651-1180 |
