Advanced Medical Isotope Corporation Completes Substantial
Capital Restructuring Activities and Continues Product
Development
KENNEWICK, WA -- October 7, 2015 -- InvestorsHub NewsWire --
Advanced Medical Isotope Corporation ("AMIC") (symbol
OTC:ADMD), a late stage development company engaged in the
development of brachytherapy devices for therapeutic applications,
today provided the following financial and regulatory update.
In the 3rd quarter, AMIC completed a variety of important
initiatives that significantly reduced AMICs debt. Dr. Carlton
Cadwell and his related entities exchanged an aggregate of
$5,338,940 of debt into 305,929 shares of Series A Convertible
Preferred. The 305,929 shares of Series A Convertible Preferred
converts into 305,929,000 Common shares, at an effective conversion
price of $0.015 per share.
Commenting on the debt conversion Dr. Cadwell stated, I am
confident that AMIC is on the right track towards normalizing the
balance sheet and is progressing towards FDA approval of the Y-90
RadioGel(TM) device. My decision to convert most of my debt into
equity at a significant premium to the market price demonstrates my
confidence in AMICs technology as well as their regulatory and
commercialization strategy.
In addition to the debt conversion, Dr. Cadwell exchanged
$1,055,532 of short term debt for a new long term 8%
non-convertible note payable upon demand on March 31, 2017.
Substantially all of the holders of the short term bridge loans
have converted their debt into Series A preferred shares.
Separately, effective as of the end of the 3rd quarter,
substantially all of the toxic debt has either been satisfied and
removed from the companys balance sheet or is in the process of
finalizing settlement documentation.
Accounting for the recent transactions discussed above, AMIC has
a total of approximately 950,000 Series A Convertible Preferred
shares outstanding and has eliminated approximately $6 million of
short term debt.
AMIC has commenced studies with IsoTherapeutics Group pursuant
to the FDA request for further studies and specific manufacturing
plans for the Y-90 RadioGel(TM) device. AMICs primary focus
continues to be obtaining FDA clearance for the Y-90 RadioGel(TM)
device.
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (ADMD)
is a late stage development company engaged in the development of
brachytherapy devices for therapeutic applications. AMIC's focus is
on transitioning to full operations upon receipt of FDA clearance
for its patented brachytherapy cancer products. Brachytherapy uses
radiation to destroy cancerous tumors by placing a radioactive
isotope inside or next to the treatment area. The Company intends
to outsource material aspects of manufacturing, distribution, sales
and marketing for its products in the United States and to enter
into licensing arrangements outside of the United States, though
the Company will evaluate its alternatives before finalizing its
plans. For more information, please visit our website,
www.isotopeworld.com.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the use of the words "may,"
"will," "should," "plans," "expects," "anticipates," "continue,"
"estimates," "projects," "intends," and similar expressions.
Forward-looking statements involve risks and uncertainties that
could cause results to differ materially from those projected or
anticipated. These risks and uncertainties include, but are not
limited to, AMIC's ability to successfully execute its expanded
business strategy, including by entering into definitive agreements
with suppliers, commercial partners and customers; general economic
and business conditions, effects of continued geopolitical unrest
and regional conflicts, competition, changes in technology and
methods of marketing, delays in completing various engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technical advances and
delivering technological innovations, shortages in components,
production delays due to performance quality issues with outsourced
components, regulatory requirements and the ability to meet them,
government agency rules and changes, and various other factors
beyond the Company's control.
CONTACT:
Advanced Medical Isotope Corporation
James C. Katzaroff, CEO
(509) 736-4000
1021 N. Kellogg St.
Kennewick, WA 99336