Vasomedical announces $3.0 million private placement
WESTBURY, N.Y.--(BW HealthWire)--June 30, 1997--Vasomedical, Inc. (NASDAQ:VASO) announced that it has
executed an agreement with an investment fund for a private placement of $3.0 million of 5% Series B Convertible Preferred
Shares pursuant to Regulation D of the Securities Act of 1933.
The transaction was facilitated by Wharton Capital, a New York based financial consulting firm.
Proceeds from the offering will fund working capital needs, such as for stepped-up marketing efforts and R&D focused on
developing the next generation model of EECP(R) and conducting clinical studies to expand EECP(R)'s therapeutic indications
and take advantage of its current labeling for acute conditions. In addition, the Company will engage in a communication
campaign designed to broadly disseminate the results of its now completed MUST-EECP(R) trial, expected to be announced
in the fall of 1997. MUST-EECP(R) is a company-sponsored randomized, controlled and double-blinded study in which
teaching hospitals affiliated with the medical schools of Columbia, Harvard, Loyola University, UCSF, University of Pittsburgh
and Yale and Grant/Riverside Methodist Hospitals have participated.
Anthony Viscusi, President and CEO of Vasomedical, stated that ``the Company is increasingly confident about the future of
EECP(R) as a mainstream treatment of coronary artery disease throughout the therapeutic continuum. We are entering a new
evolutionary stage, and this capital infusion will enable us to move more rapidly in the establishment of new indications, among
which congestive heart failure and peripheral vascular disease are priorities, and thus further capitalize on the full intrinsic value
of our EECP(R) technology for the benefit of patients, the medical profession and our shareholders.'' |
