uantech Ltd. Completes Equity Offering
ST. PAUL, Minn., Nov. 23 /PRNewswire/ -- Quantech Ltd. (OTC Bulletin Board: QQQQ), a development stage company, announced today that it has completed its sale of Series A Convertible Preferred Stock after raising a total of $1.8 million. The private placement was carried out with the assistance of John G. Kinnard and Company, Incorporated, and Aethlon Capital LLC. Quantech previously announced the sale of $1.5 million of these securities, the minimum under the offering.
"Although we had purchasers for more than $1.8 million, we ended the offering to limit dilution to shareholders," said Robert Case, chief executive officer of Quantech. "The proceeds from this offering allow us to continue to move forward. We believe that the recent increase in the company's stock price confirms that the prior capital structure and resource limitations were negatively affecting our stock."
Based in St. Paul, Minn., Quantech is completing development of its DBx system for the emergency department STAT testing market. Quantech's proprietary digital biosensor surface plasmon resonance (SPR) detection technology allows the DBx, on a single user-friendly instrument, to perform a menu of tests that traditionally has required a number of different systems run by trained laboratory personnel. Quantech's first tests will be used to detect and quantify cardiac markers, which aid physicians in assessing whether a patient has suffered a heart attack, and pregnancy. Additional tests are under development to provide the DBx with a complete menu of clinically related, whole blood STAT tests that will supply quantitative results in 10 to 20 minutes. Because of its ease of use, speed and broad menu capability, the DBx will serve the testing needs of hospital emergency departments and other critical care units.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Any statements which are not historical facts contained in this release are forward looking statements that involve risk and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, the validity and enforceability of intellectual property rights, the outcome of government regulatory proceedings, competitive products, risks in product and technology development, the ability to complete transactions, and other risks identified in the company's Securities and Exchange Commission filings.
For more information, call Curt Swenson of Swenson NHB Investor Relations, 612-371-0000 for Quantech Ltd. or Gregory G. Freitag, COO & CFO of Quantech Ltd., 612-647-6370.
SOURCE Quantech Ltd. |
