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Biotech / Medical : Matritech (NASDAQ - NMPS)
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To: Damon Pham who wrote (438)5/30/1997 7:13:00 PM
From: Damon Pham   of 849
 
Matritech, Inc., Announces Completion of $11 Million Private Placement

NEWTON, Mass., May 30 /PRNewswire/ -- Matritech, Inc, (Nasdaq:NMPS) announced today that it has completed a private placement of 2,200,000 shares of its Common Stock at $5.00 per share. The $5 price per share represents a 3% discount to the 10-day moving average of the company's stock prior to the date the transaction was initiated. Matritech has received net proceeds of approximately $10.9 million after deducting the estimated expenses of the transaction. The placement agent has
elected to receive all of its commission and expenses (less $25,000) in the form of restricted Common Stock. The placement agent will also receive warrants to purchase shares of common stock. Matritech agreed to file a registration statement with the Securities and Exchange Commission covering the resale from time to time of the shares to the issued in connection with this private placement. Matritech intends to use the net proceeds from this private placement for working capital and general corporate purposes,

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND UNLESS SO REGISTERED MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THESE SECURITIES WERE OFFERED AND SOLD ONLY TO ``QUALIFIED INSTITUTIONAL
BUYERS'' (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) AND TO ACCREDITED INVESTORS.

SOURCE: Matritech, Inc.
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