Life Medical Sciences Receives $2.8 Million Through Warrant Exercise
March 25 2004 - 7:30AM
PR Newswire (US)
Life Medical Sciences Receives $2.8 Million Through Warrant
Exercise OCEANPORT, N.J., March 25 /PRNewswire-FirstCall/ -- Life
Medical Sciences, Inc. (BULLETIN BOARD: CHAI) , today announced
that it has received approximately $2.8 million through the
exercise of warrants to purchase the Company's Common Shares. The
warrants were otherwise scheduled to expire on March 22, 2004. "The
exercise of 100% of the outstanding investor warrants represents a
strong endorsement of the Company's business strategy by these
investors," stated Robert P. Hickey, President & CEO of Life
Medical Sciences. "The proceeds should fund operations through the
remainder of 2004 including the ramp up of expenditures in support
of several product development programs." The Company is conducting
a multi-center Phase III clinical trial for REPEL-CV(TM), its
anti-adhesion product designed for use in cardiac surgery. REPEL-CV
may become the first anti-adhesion product, designed for use in
cardiac surgery, to obtain regulatory approval in both the US and
Europe, a market with projected annual revenue potential of $250
million. The warrants, which were exercisable at $0.24 per share,
were issued as part of a $1.2 million private equity placement to
private and institutional investors in Europe that closed in March
2002. The warrant exercise (including warrants issued to Clubb
BioCapital Ltd. of London, the Company's placement agent) resulted
in the issuance of approximately 11.8 million shares of Common
Stock. All of these shares are restricted and are subject to
registration rights granted to the investors in the private
placement. Life Medical Sciences, Inc. is a biomaterials company
engaged in the development and commercialization of innovative and
cost-effective medical devices. Certain statements in this Press
Release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Reference is made to the Company's Annual Report on
Form 10-KSB for the year ended December 31, 2003 for a description
of some of these risks and uncertainties. DATASOURCE: Life Medical
Sciences, Inc. CONTACT: Robert P. Hickey of Life Medical Sciences,
Inc., +1-732-728-1769, Web site:
http://www.lifemedicalsciences.com/
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