AMDL Announces Closing of Private Offering
December 24 2007 - 3:00PM
PR Newswire (US)
TUSTIN, Calif., Dec. 24 /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 the closing of its combined Regulation D/Regulation S
private unit offering of 2,007,508 shares of common stock and
warrants to purchase 1,003,755 shares of common stock, generating
net proceeds of approximately $5,433,000. The shares of AMDL common
stock were sold at $3.09 per share and the four year warrants
included in the units are exercisable at $4.74 per share. Warrants
to purchase an additional 200,751 shares were issued to AMDL's
placement agents at the same exercise price. AMDL agreed to file a
registration statement within 60 days of the closing to register
the resale of the shares of common stock and the shares issuable on
exercise of the warrants included in the units and the placement
agent warrants. Spencer Clarke, LLC, a FINRA member broker dealer,
acted as AMDL's principal placement agent for sales in the United
States, and Galileo Asset Management, S.A., a member of the
Association Romande des Intermediaries Financier, acted as AMDL's
placement agent for sales outside of the United States. Gary L.
Dreher, President of AMDL, said: "The reception to the offering was
gratifying under the current economic climate. These funds provide
some of the additional working capital we need to expand Jade
Pharmaceutical Inc.'s new business opportunities and product
development efforts in China and for our other general working
capital needs." 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.
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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