AMDL Announces First Closing of Private Offering
May 04 2007 - 11:31PM
PR Newswire (US)
TUSTIN, Calif., May 4 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), developer and marketer of tests for the early detection
of cancer and other serious diseases, announced today that it has
conducted a first closing of its combined Regulation D/Regulation S
private unit offering of up to 2,000,000 shares of common stock and
warrants to purchase 1,000,000 shares of common stock generating
gross proceeds of approximately $3,789,500, exclusive of placement
agent fees and expenses of approximately $492,600. The first
closing consisted of 1,443,620 shares of AMDL common stock at
$2.625 per share and three and one-half year warrants to purchase
an additional 721,810 shares, exercisable at $3.86 per share.
Warrants to purchase an additional 144,362 shares were issued to
the placement agents at the same exercise price. AMDL agreed to
file a registration statement on Form S-3 within 30 days of the
first closing to register the resale of the shares and shares
issuable on exercise of the warrants. The offering will continue
until units for up to an additional 556,380 shares and warrants to
purchase an additional 278,190 shares have been sold or the
offering is terminated by the company. The sale of shares and
warrants in the second closing are expected to be on similar terms
and conditions, no more favorable than in the first closing. Gary
L. Dreher, President of AMDL, said: "The reception to the offering
was extremely gratifying. These funds provide the additional
working capital we need to expand Jade Pharmaceutical Inc.'s
business and product development efforts in China and for approval
of DR-70(R) in Asia and the U.S." About AMDL AMDL, Inc.,
headquartered in Tustin, California, with operations in Shenzhen,
Jaingxi and Jilin China through its wholly owned subsidiary Jade
Pharmaceutical Inc., is an international biopharma company. AMDL
together with Jade engages in the development, manufacture and
marketing of proprietary pharmaceutical and testing products. More
information about AMDL and its products can be obtained at
http://www.amdl.com/. Forward-Looking Statements Statements in this
press release may constitute forward-looking statements and are
subject to numerous risks and uncertainties, including the failure
to complete successfully the development of new or enhanced
products, the Company's future capital needs, the lack of market
demand for any new or enhanced products the Company may develop,
any actions by the Company's partners that may be adverse to the
Company, the success of competitive products, other economic
factors affecting the Company and its markets, and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release. Contact: AMDL, Inc. Gary L. Dreher President & CEO
(714) 505-4460 DATASOURCE: AMDL, Inc. CONTACT: Gary L. Dreher,
President & CEO of AMDL, Inc., +1-714-505-4460 Web site:
http://www.amdl.com/
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