News
THE WOODLANDS, Texas, Oct. 28 /PRNewswire/ -- American BioMed, Inc. (OTC Bulletin Board: ABMI - news), a leading medical device developer and manufacturer of minimally invasive devices for the treatment of cardiovascular disease and proprietary balloon catheters for cardiovascular, urinary and other disorders, today announced that it has engaged THE NIR GROUP, which has offices in New York and Los Angeles, to structure a $10 million financing. The first financing tranche has been received. The Company indicated that it anticipates receipt of additional funding tranches as the revised strategic plan is implemented and specific milestones are completed. In addition, THE NIR GROUP has been retained as American BioMed's investment banker and financial advisor for acquisitions and strategic planning.
Steven B. Rash, President and CEO, stated, ''This financing will provide American BioMed, Inc. with sufficient operating capital to enable the Company to expeditiously implement the Company's strategic plan to reposition the company as a developer and marketer of minimally invasive surgical devices. The Company will utilize these capital resources now at our disposal to accelerate development of the Company's core technologies, expand the marketing efforts in the balloon catheter product line, form additional strategic alliances, and grow the Company via synergistic acquisitions of technologies, product lines or companies.''
A source close to THE NIR GROUP stated, ''We believe American BioMed's strategic plan and vision has positioned the Company as an emerging medical device company with significant proprietary technologies and broad patent coverage. We look forward to assisting the Company in meeting its goals and objectives as well as evaluating strategic acquisition opportunities to help maximize shareholder value.''
American BioMed, Inc. utilizes state-of-the-art technology to develop, manufacture and market minimally invasive medical devices for the treatment of cardiovascular disease. The Company's products include 100%-silicone catheters, through its Cathlab subsidiary; the Evert-O-Cath(TM), a toposcopic catheter for site-specific drug delivery and fluid removal; the OmniCath®, an atherectomy catheter designed to remove atherosclerotic plaque from obstructed blood vessels throughout the body; and the OmniFilter, which is used to prevent blood clots from reaching various organs of the body. The Company has over twenty-five patents and 11 FDA approvals covering its product portfolio, and addresses an annual worldwide market estimated to be in excess of $10 billion. |
