Thursday August 24, 9:15 am Eastern Time
Press Release
SOURCE: Matritech, Inc.
Matritech Executes $30 Million Equity
Financing Arrangement With Acqua
Wellington
Covering sale of up to 2.45 million shares
NEWTON, Mass., Aug. 24 /PRNewswire/ -- Matritech, Inc. (Nasdaq: NMPS - news), a company
specializing in products designed to detect, manage and screen for cancer, today announced that it
has entered into a definitive agreement with Acqua Wellington North American Equities Fund Ltd.
(``Acqua Wellington'') for an equity financing arrangement covering the sale of up to $30 million of
the Company's common stock over the next 14 months. This financing will be made pursuant to an
effective shelf registration previously filed by Matritech with the Securities and Exchange
Commission covering the sale of up to 2.45 million shares of its stock. These shares may be sold, at
Matritech's discretion, at a small discount to market at the time of sale. The total amount of
investment is dependent, in part, on Matritech's stock price, with Matritech controlling the amount
and timing of each sale of stock.
Matritech expects to use the proceeds from this financing facility to accelerate development
programs focused on the use of its Nuclear Matrix Protein (NMP) core technology to detect cancers,
including programs for breast, colon and prostate cancer.
``We are presently in the process of selecting optimal market positioning strategies for our
blood-based cancer tests, including our NMP66 breast cancer test,'' said Stephen D. Chubb,
chairman and chief executive officer of Matritech. ``The near-term completion of this strategy
coincides perfectly with the availability of this capital at our discretion and at the time and terms we
control.''
Acqua Wellington Asset Management, LLC acts as an advisor to the Acqua Wellington Family of
Funds, which is targeted at investment opportunities among mid- cap and small-cap publicly traded
companies in domestic and global markets. Their primary focus is in the technology and life science
sectors.
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 cancer. Matritech has a deep 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 is also sold in Europe and Japan, where it is
approved for bladder cancer screening.
Matritech, Inc. based in Newton Mass., is using its proprietary 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 diagnostic products.
Statement Under the Private Securities Litigation Reform Act
Any forward looking statements related to the Company's expectations regarding the use of funds,
timing of development programs, the performance, timing or extent of market acceptance, and
regulatory approvals of the Company's products 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 the company's limited capital resources, unforeseen delays in product development, results of
clinical trials, unforeseen delays or denials of FDA and other regulatory approvals, future product
demand and pricing, competitive products and technical developments and general business and
economic conditions. There can be no assurances that the Company's expectations for its products
will be achieved.
SOURCE: Matritech, Inc. |
