Swiss-based VC Expects GenoMed Stock To Surpass $1
Wednesday March 3, 7:03 am ET
ST. LOUIS, March 3 /PRNewswire-FirstCall/ -- GenoMed, Inc. (OTC: GMED - News), a Next Generation Disease Management(TM) company that uses its expertise in genes to improve patient outcomes, today announced that it has secured potential long-term funding from Pierpoint Investissements SA, a Swiss-based venture capital group registered in the British Virgin Islands.
ADVERTISEMENT
The agreement calls for a minimum annual investment of $500,000, up to a maximum of $2 million in any one year, for each of the next 10 years in exchange for 12-month restricted shares at a modest discount to the market price. For maintaining this level of annual investment, Pierpoint Investissements SA will keep active warrants for an additional 35 million shares. These can only be converted once the share price of GenoMed reaches at least $1.00. To limit dilution, only 7 million warrants will be convertible each year, so that it will take at least five years to convert this block of 35 million warrants to 12-month restricted shares.
Dr. David Moskowitz, GenoMed's CEO, said, "We believe that we have achieved equity financing that is minimally dilutive and in the best interests of the company and its existing shareholders. Pierpoint clearly believes that our stock will be worth at least $1, as do I. This financing allows us to move forward aggressively with our scientific program, as well as with our marketing strategy to patients and physicians nationwide."
GenoMed also announced today that the United States Patent and Trademark Office has awarded the company two trademarks that it will use in its marketing efforts: "Next Generation Disease Management" and "Clinical Outcomes Improvement Program."
Dr. Moskowitz is a Harvard and Oxford trained physician, who trained for seven years in Internal Medicine, Biochemistry, and Nephrology at Washington University School of Medicine in St. Louis before spending 11 years on the faculty of St. Louis University School of Medicine. He is a noted pioneer in the field of medical genomics, and has been recognized for his groundbreaking treatment of diseases associated with the angiotensin I-converting enzyme, such as chronic renal failure due to hypertension or type II diabetes.
biz.yahoo.com |
