AMDL Announces Closing of Private Offering
January 12 2004 - 8:02AM
PR Newswire (US)
AMDL Announces Closing of Private Offering TUSTIN, Calif., Jan. 12
/PRNewswire-FirstCall/ -- AMDL, Inc. , developer and marketer of
tests for the early detection of cancer and other serious diseases,
announced today that it has closed a combined Regulation
D/Regulation S private offering of shares and warrants generating
gross proceeds of $2,125,840, exclusive of placement agent fees of
approximately $270,000. The offering consisted of 2,657,300 shares
of AMDL common stock at $0.80 per share and three-year warrants to
purchase an additional 1,328,650 shares, exercisable at $1.46 per
share. AMDL agreed to file a registration statement on Form S-3
within 30 days of the closing to register the resale of the shares
and shares issuable on exercise of the warrants. Gary L. Dreher,
President of AMDL, said, "The offering was previously approved by
our shareholders on August 21, 2003, at our Annual Meeting. The
response by investors to the offering was extremely gratifying.
These funds provide the additional working capital we need to
expand our marketing efforts for DR-70(R) and to continue the
development of our combination immunogene therapy technology."
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/ . 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.amdlcorporate.com/
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