LifePoint, Inc. Completes Private Placement Totaling Over $13 Million
ONTARIO, Calif., Aug. 22 /PRNewswire/ -- LifePoint, Inc. (Amex: LFP - news), a leader in non-invasive drug diagnostic
technologies and solutions, today announced the completion of the final round of an equity private placement offering
pursuant to Regulation D of the Securities Act of 1933. The terms of the financing were adjusted and include a fixed price
conversion for the Series C 10% Convertible Preferred Stock into Common Stock at $3.00 per share in conjunction with the
deletion of the warrant price reset provisions. The exercise price of the warrants was also adjusted to $3.00 per share. Wells
Fargo Van Kasper acted as the placement agent for this transaction, which was closed ahead of schedule.
``We are pleased to strengthen our balance sheet with total gross proceeds of over $13 million, and now that our last
financing is finished, management can focus on the imminent launch of our first product,'' said Linda H. Masterson,
President and CEO. ``The initial close of this financing provided more than LifePoint believes it needs to reach profitability;
the second close gives us additional cash reserves. This transaction is timely as we progress towards the product launch of
our revolutionary drug diagnostic product -- the LifePoint(TM) IMPACT(TM) Test System -- later this quarter. This
financing and the marketing agreements announced over the last eight months validate LifePoint's strength and technology
leadership in the on-site diagnostic test market.''
``Based on the results we have received from our initial field evaluations, we anticipate rapid market acceptance by industry
leaders and government audiences, and we feel confident in our ability to meet our future milestones and business objectives,''
continued Ms. Masterson. ``The medical field evaluation sites in the US are carrying out their studies and meeting our best
expectations. In the near term, the law enforcement and industrial marketing pilot sites will also begin. We expect to gain
rapid market acceptance with the September launch of our lead product, the IMPACT Test System, into the United States
markets for products non-regulated by the FDA, and into Europe for all markets. In the long term, we aim to sustain our
leadership through our expertise in the immunosensor technology and automated, on-site diagnostic systems, as well as our
expanding into additional medical markets, including home health care and emergency room diagnostic services.''
About LifePoint, Inc.
LifePoint, Inc. is a medical technology company designing the IMPACT Test System -- a rapid diagnostic testing, screening,
and therapeutic drug monitoring device for use in the workplace, home health care, ambulances, pharmacies and law
enforcement. LifePoint is focused on the commercialization of the flow immunosensor technology licensed from the United
States Navy. This patented technology, when used in conjunction with LifePoint's own patented and proprietary technologies
using saliva as a non-invasive test specimen, has allowed LifePoint to develop a broadly applicable non-invasive, rapid, on-site
diagnostic test system. The IMPACT Test System, the first product being commercialized, is for the simultaneous detection
of drugs of abuse and alcohol, estimated to be an over $1.6 billion market by 2002.
This press release contains forward-looking statements regarding future events and the future performance of LifePoint, Inc.
that involve risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited
to, the completion of product commercialization, the need for additional funding, satisfactory results from clinical trials,
dependence on third parties for clinical testing and marketing, and market acceptance. These risks are described in further
detail in the Company's reports filed with the Securities and Exchange Commission. |
