AMDL Updates Results of Funding from Warrant Exercises and Improved Cash Balance
November 13 2003 - 2:36PM
PR Newswire (US)
AMDL Updates Results of Funding from Warrant Exercises and Improved
Cash Balance TUSTIN, Calif., Nov. 13 /PRNewswire-FirstCall/ --
AMDL, Inc. (Amex: ADL; Berlin; Frankfurt), developer and marketer
of tests for the early detection of cancer and other serious
diseases, announced today that the Company has raised additional
cash through the exercise of warrants included in its private
offering of units completed in July. Through November 10, 2003,
total gross proceeds of approximately $1,450,000 has been received
from the exercise of warrants for 3,740,138 shares of its common
stock. As of November 10, the Company's cash position has improved
to $2,005,000. Gary L. Dreher, President of AMDL, said that "the
Company is well positioned to move forward. We are awaiting the
U.S. Food and Drug Administration response to our submission for
clearance to market our DR-70(R) test kit and now have sufficient
capital to meet our general working capital needs for the coming
year." About AMDL AMDL, Inc. (AMEX:ADL), headquartered in Tustin,
California, is a theranostics company, involved in the detection
and treatment of the same disease, cancer. AMDL is the inventor,
developer and worldwide marketer through exclusive distribution
agreements of the DR-70(R) non-invasive cancer blood test, which
has demonstrated its ability to detect the presence in humans of up
to 13 cancers 84 percent of the time overall. In a study published
in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R)
was shown to detect at least 13 different types of cancer (lung,
breast, stomach, liver, colon, rectal, ovarian, esophageal,
cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic)
although the sample size for 9 of the cancers was not statistically
significant. Clinical trials of DR-70(R) have been conducted in
Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many
kinds of cancer using a single tube of blood, eliminating the need
for costly, multiple tests. AMDL also owns a combination immunogene
therapy technology that is a possible treatment for those already
diagnosed with cancer and could eventually be used as a vaccine to
protect patients known to be at risk because of a family history
for certain types of cancer. The combination therapy both builds
the body's immune system and destroys cancer cells. More
information about AMDL and its additional products can be obtained
at http://www.amdlcorporate.com/ . 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.amdlcorporate.com/
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