GENOMED SECURES ACCELERATED FINANCING
CONTACT: GenoMed Inc. David W. Moskowitz, MD, MA, FACP 314/652-0500 dwmoskowitz@genomedics.com
For Immediate Release
ST. LOUIS, MO. – July 15, 2004 – GenoMed, Inc. (Pink Sheets: GMED), a Next Generation DM™ (Disease Management) company that uses its expertise in genomics to improve patient outcomes, today announced that it has secured up to $21 million in financing within a 12-month period from Pierpoint Investissements SA ("Pierpoint"), a Swiss-based venture capital group.
GenoMed and Pierpoint have amended their earlier agreement dated March 2, 2004. In the earlier agreement, Pierpoint could exercise 35 million warrants over a 5 year period once GenoMed's share price reached $1. Under the new agreement, Pierpoint can exercise all 35 million warrants within a 12-month period. The exercise of all 35 million warrants at a 40% discount to market price would bring at least $21 million into the company.
As an incentive to place all 35 million warrants within a year, Pierpoint would receive 80 million replacement warrants. If Pierpoint can place only 20 million warrants within a year, they would receive 40 million replacement warrants. These can then be exercised over a minimum of 5 years, as in the earlier agreement.
Dr. David Moskowitz, GenoMed's Chairman and CEO, said, "We are delighted to have secured a mechanism for accelerated funding. This will allow our genotyping effort to expand as fast as scientifically feasible. Within the next few years, we hope to corner the market on disease-predisposition genes.”
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, emphysema, and psoriasis.
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.
. |
