Wednesday June 10, 6:44 pm Eastern Time
Company Press Release
SOURCE: Medical Discoveries, Inc.
Medical Discoveries, Inc. Announces $3.5 Million
Capital Investment
LAYTON, Utah, June 10 /PRNewswire/ -- Medical Discoveries, Inc. (OTC Bulletin Board: MLSC - news) announced today that on June 9, 1998, it closed a private placement for a capital investment of up to $3.5 million. The investment consists of staged purchases of common
stock and exercise of warrants.
The investment is being made by a private financial group consisting of USA based medical doctors representing a variety of specialties.
The Company has also granted exclusive limited distribution rights for certain domestic and international markets to this group. The marketing rights are for the Company's own products as well as products from Regenere, Inc., its joint venture with Advanced Bio-Technologies, Inc.
''This particular group is an excellent fit for MDI because the physicians understand our technology, support the research and development, and will be a valuable asset in our distribution and sales activities'', announced President and CEO, Lee F. Kulas.
The Company will use these funds to pursue FDA approvals for its MDI-P compound targeted at anti-viral (HIV/AIDS), anti-bacterial, and anti-fungal applications and for business development purposes for the Company's recently announced joint venture opportunities.
SOURCE: Medical Discoveries, Inc.
|
