Cancer diagnostics company Biomoda, Inc. (OTCBB: BMOD) (www.biomoda.com) today announced that it has entered into agreements with a syndicate of institutional investors for up to $2.0 million. LifeTech Capital, a division of Aurora Capital LLC, acted as the exclusive placement agent for the financing.
“The investment banking team at LifeTech specializes in the unique needs of the biotech and medical technology industries. They understand how to analyze the future value of technologies like ours and match companies with the right investors”
“We are extremely pleased with the outcome of this round of financing,” said John Cousins, Biomoda president and chief executive officer. “The institutions that participated in this investment speak volumes about the promise of our technology and the validity of our business model and strategy. This is a significant stamp of approval from prestigious investment funds with a strong history of success in the biotech sector.”
Biomoda’s CyPath® diagnostic assay which binds to cancer cells and causes them to fluoresce red under ultraviolet light is currently in clinical trials as a diagnostic for early-stage lung cancer. Pending U.S. Food and Drug Administration (FDA) clearance, CyPath® is for investigational use only.
“Proceeds from this financing will allow us to continue our clinical trials, submit our findings to the FDA for clearance as a Class III medical device and begin commercialization of a breakthrough technology for the early detection of cancer,” Cousins said. The initial funding is $1,000,000, with the investors having the right to invest an additional $1,000,000.
Cousins praised LifeTech Capital, (www.lifetechcapital.com) a division of Aurora Capital LLC, (www.auroracapital.com) for bringing the transaction to a successful close. “The investment banking team at LifeTech specializes in the unique needs of the biotech and medical technology industries. They understand how to analyze the future value of technologies like ours and match companies with the right investors,” Cousins said.
The securities described above were sold by the Company in private placements and were not registered under the Securities Act of 1933, as amended (the "Securities Act"). The securities were sold in reliance upon exemptions from the registration requirements of the Securities Act pursuant to Regulation D promulgated under the Securities Act. Therefore, the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.
Neoantigen DNA vaccines improve survival and immunity in triple-negative breast cancer patients