NeoMed Takes a 6.3% Investment in CytoCore Inc.
March 11 2010 - 7:00AM
Business Wire
CytoCore Inc. (OTCBB:CYOE), the developer of cost-effective
products used in the practice of cytology for the detection and
diagnosis of cancer and cancer related diseases, announced today
that NeoMed has made an investment in CytoCore Inc.
NeoMed Management, an international investment firm, is
exclusively focusing on the healthcare and life science industry.
Founded in 1996, NeoMed has established four funds, with total
committed capital exceeding $200 million.
NeoMed invests in young companies with outstanding growth
prospects. Portfolio companies typically develop innovative
products addressing inadequately served medical needs in the
following industry sectors: pharmaceuticals, biotechnology drugs,
diagnostics, medical devices and instruments.
In settlement of outstanding litigation related to the issuance
of notes by Molecular Diagnostics Inc., the former name of CytoCore
Inc. and related term sheets in 2001 and 2002, NeoMed has agreed to
accept 2,658,800 restricted shares valued at $.50 per share along
with 217,000 warrants with an exercise price of $.50 per share.
Robert F. McCullough Jr., CEO of CytoCore Inc., commented, “We
are happy to settle all outstanding issues and reduce our
liabilities by $1,329,400 related to the previously issued notes
and accrued interest. We also are happy to utilize NeoMed’s network
and expertise with regard to the development of young companies’
growth prospects in addressing inadequately served medical needs as
we develop and implement `CytoCore Solutions'.”
Erik Amble, Managing Partner of NeoMed, added, “Since 2001, we
have been intrigued by the potential of CytoCore’s innovative
technologies and products and the large markets these technologies
and products address.”
About CytoCore, Inc.
CytoCore develops cost-effective, highly accurate screening
systems for early detection of gynecological and other cancers.
Designed for easy deployment at a laboratory or at the
point-of-care, the CytoCore suite of sample collection technologies
assists in the detection of cervical, endometrial, and other
cancers. The CytoCore Solutions System is being developed to
provide medical practitioners with highly accurate, low-cost,
screening systems for cervical and other cancers that can be
seamlessly integrated into existing medical models. More
information is available at: www.cytocoreinc.com.
Certain statements in this release are forward-looking. These
statements are based on CytoCore's current expectations and involve
many risks and uncertainties, such as the company's inability to
obtain sufficient financing, the possibility that clinical trials
will not substantiate CytoCore's expectations with respect to the
CytoCore Solutions System, and other factors set forth in reports
and documents filed by CytoCore with the Securities and Exchange
Commission. Actual results may differ materially from CytoCore's
current expectation depending upon a number of factors affecting
the Company's business. These factors include, among others, risks
and uncertainties detailed in the Company's periodic public filings
with the Securities and Exchange Commission, including but not
limited to the Company's Annual Report on Form 10-K for the year
ended December 31, 2008. Except as expressly required by law,
CytoCore undertakes no obligation to publicly update or revise any
forward-looking statements contained herein.
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