PreMD Completes Private Placement and Announces Conference Call To Discuss Full Year Results
March 28 2007 - 10:18AM
PR Newswire (US)
TORONTO, March 28 /PRNewswire-FirstCall/ -- Predictive medicine
company PreMD Inc. (TSX: PMD; Amex: PME) today announced that it
has completed its previously announced private placement for gross
proceeds of $3,879,965. Under the terms of the private placement,
PreMD issued 2,917,268 units at a price of Cdn. $1.33 per unit,
each unit consisting of one common share and one half of one common
share purchase warrant. Each whole warrant is exercisable at a
price of Cdn. $1.66 per share for a period of three years from the
closing date. The proceeds from the private placement are to be
used for general corporate purposes. "We are pleased by the
continuing support provided by our existing base of institutional
shareholders as we continue to execute on our plan to build market
awareness and expand the opportunities for our PREVU(x) technology,
while advancing our pipeline of oncology products," said Dr.
Norton, President and Chief Executive Officer of PreMD. "This
financing further secures our ability to pursue our growth
initiatives." Separately, PreMD announced that it will hold a
conference call and webcast tomorrow, Thursday, March 29, 2007, at
10:30 a.m. ET, to review its full year 2006 results and provide an
outlook for 2007. To access the conference call, please dial
416-915-5651 or 1-800-588-4942. A live audio webcast will be
available at http://www.premdinc.com/, and will be subsequently
archived for three months. To access the replay via telephone,
which will be available until April 5, 2007, please dial
416-640-1917 or 1-877-289-8525 and enter the passcode 21225276
followed by the number sign. About PreMD PreMD Inc. is a world
leader in predictive medicine, dedicated to developing rapid,
non-invasive tests for the early detection of life-threatening
diseases. PreMD's cardiovascular products are branded as PREVU(x)
Skin Cholesterol Test. The company's cancer tests include
ColorectAlert(TM), LungAlert(TM) and a breast cancer test. PreMD's
head office is located in Toronto, and its research and product
development facility is at McMaster University in Hamilton,
Ontario. For further information, please visit
http://www.premdinc.com/. This press release contains
forward-looking statements. These statements involve known and
unknown risks and uncertainties, which could cause the Company's
actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include,
among others, the successful development or marketing of the
Company's products, the competitiveness of the Company's products
if successfully commercialized, the lack of operating profit and
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, product
liability, reliance on third-party manufacturers, the ability of
the Company to take advantage of business opportunities,
uncertainties related to the regulatory process, and general
changes in economic conditions. In addition, while the Company
routinely obtains patents for its products and technology, the
protection offered by the Company's patents and patent applications
may be challenged, invalidated or circumvented by our competitors
and there can be no guarantee of our ability to obtain or maintain
patent protection for our products or product candidates. Investors
should consult the Company's quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties relating to the forward-looking
statements. Investors are cautioned not to rely on these
forward-looking statements. PreMD is providing this information as
of the date of this press release and does not undertake any
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or
otherwise. (x)Trademark DATASOURCE: PreMD Inc. CONTACT: Brent
Norton, President and CEO, Tel: (416) 222-3449 ext. 22, Email: ;
Ron Hosking, Vice President Finance and CFO, Tel: (416) 222-3449
ext. 24, Email:
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