New Shares. Any comments?
KETTERING, Ohio--(BUSINESS WIRE)--May 24, 1999--Synthetic Blood International Inc. (OTCBB:SYBD -
news) announced today that it will seek shareholder approval through a proxy mailing for the issuance of up to 10
million shares of preferred, convertible stock.
This new stock will be used to help secure future financing for product development and clinical trials.
''Private and institutional investors have expressed interest in financing further development of our products up to the
corporate partner stage,'' said Robert Nicora, SYBD president. ''The ability to issue preferred, convertible stock will
aid in securing this financing without diluting existing common stock.''
Approval to issue preferred stock does not affect plans for a current, private placement which is expected to result in
an announcement soon. Rather, it will be used to secure additional funding in the future.
SYBD currently is developing three products: Oxycyte , a perfluorocarbon-based blood substitute; Fluorovent, a
perfluorocarbon liquid ventilation product; and an implantable glucose biosensor for continuous monitoring of blood
glucose levels in diabetics. Additionally, the company recently announced its intention to form a new venture to
acquire therapeutic nitric oxide technology.
Synthetic Blood International is located in Kettering, Ohio, with West Coast offices and laboratories in Newport
Beach, Calif. The company's stock is traded on the OTC Electronic Bulletin Board, symbol SYBD. The company's
Web site is http://www/sybd.com and e-mail address is sybd@siscom.net.
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