Hi thread,
What was that all about yesterday? Why did that announcement kill them?
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GenoMed Debt-Free After Forgiveness of $1 Million Loan
2004-03-15 07:01 ET - News Release
Also News Release (U-ADOT) ADVANCED OPTICS ELECTRNCS
ST. LOUIS, March 15 /PRNewswire-FirstCall/ -- GenoMed, Inc. (BULLETIN BOARD: GMED) , a Next Generation Disease Management(TM) company that uses its expertise in genomics to improve patient outcomes, today announced that it has secured financing for over $1.5 million to date, triggering the forgiveness of nearly $1.2 million in debt and accrued interest. GenoMed is now essentially debt-free.
GenoMed received its final installment of a total of $900,000 in equity financing from Advanced Optics Electronics, Inc. (BULLETIN BOARD: ADOT) last week, as well as $380,000 to complete a maximum of $500,000 equity investment by Research Capital. GenoMed has also begun receiving payments from Pierpoint Investissements SA, a venture capital group based in Switzerland. As a result, Research Capital has agreed to forgive nearly $1.2 million in debt and accrued interest because GenoMed was successful in raising at least $1.5 million before December 2004.
Dr. David Moskowitz, GenoMed's Chairman CEO, said, "We are delighted to have obtained enough financing already this year to be able to retire our debt to Research Capital. The money raised so far has completely turned our financial situation around, and has enabled us to begin our genomics research program in earnest."
Dr. Moskowitz is a Harvard and Oxford trained physician, and is a noted pioneer in the field of medical genomics. He 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.
About GenoMed
GenoMed is leading the medical revolution which medical genomics has already made possible. GenoMed is a Next Generation Disease Management(TM) company whose mission is to improve patient outcomes by identifying the genetic pathways that cause disease. The Company is currently marketing its treatment for what it believes is the major starting point for most age- related diseases.
Safe Harbor Statement
Thx
C |
