Monday June 4, 3:01 pm Eastern Time
Press Release
SOURCE: Matritech, Inc.
Matritech Announces $1.1 Million Financing
NEWTON, Mass., June 4 /PRNewswire/ -- Matritech, Inc. (Nasdaq: NMPS - news), the cancer diagnosis company, today announced that it has sold 331,256 shares of its common stock, registered under its Registration Statement on Form S-3 (No. 333-40942), to Acqua Wellington North American Equities Fund, Ltd. (Acqua Wellington) for an aggregate price of $1,079,000, or $3.26 per share. These shares were sold as part of a previously announced equity financing arrangement. The purchase price was determined based on a small discount from the volume weighted average market price for a 20-day trading period that ended on June 1, 2001. The Company did not pay any fees or other compensation in connection with this transaction.
Net proceeds from the sale will be used to fund operating costs, capital expenditures and working capital needs, which may include costs to further develop the Company's blood-based cancer tests.
Matritech's nuclear matrix protein (NMP) core technology correlates levels of NMPs in body fluids to the presence of cancer. Multiple published clinical studies have validated this ability of NMPs to detect early-stage cancerous abnormalities. Matritech has a pipeline of NMP-based products in pre-clinical and clinical development for the detection of major cancers including bladder, cervical, breast, prostate and colon cancers. The NMP22 Test Kit is cleared for marketing in the United States for management and screening of individuals at risk of bladder cancer. It also is sold in China, Europe and Japan where it is approved for bladder cancer screening.
Matritech, Inc., based in Newton, Mass., is using its NMP technology, discovered at the Massachusetts Institute of Technology and licensed exclusively to Matritech, to develop and commercialize innovative serum-, cell- and urine-based NMP diagnostics that enable physicians to reliably detect and monitor the presence of bladder, cervical, breast, colon and prostate cancers.
Statement Under the Private Securities Litigation Reform Act
Any forward looking statements related to the Company's expectations regarding its current and future products, industry prospects, and the results of operations or financial position, expected financial performance and expected customer sales are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These include but are not limited to, risks related to unforeseen technical obstacles in completing development of new products, unforeseen delays in or denials of FDA and other regulatory approvals, future product demand and pricing performance of distributors, competitive products and technical developments, health care reform and general business and economic conditions. There can be no assurance that the Company's expectations for its products will be achieved.
Stephen D. Chubb, CEO
David L. Corbet, President
Matritech, Inc.
617-928-0820
Derek Caldwell
Investor Relations
Sunrise Financial Group
212-421-1616
Jon Siegal
Media Relations
Ronald Trahan Associates, Inc.
508-647-9782, ext. 15 |
