MONTCLAIR, NJ--(Marketwired - September 19, 2013) - FluoroPharma Medical, Inc. (FPMI), a company specializing in the development of novel diagnostic imaging products that utilize positron emission tomography (PET) technology for the detection and assessment of disease before clinical manifestation, announced today that it has entered into a securities purchase agreement with a number of new and existing accredited investors in connection with a private placement financing of up to $7,000,000 of its preferred shares. Platinum Montaur Life Sciences, LLC served as lead investor.
Pursuant to the initial closing under the securities purchase agreement, the aggregate purchase price received by the company was $722,500, a portion of which was paid through the conversion of outstanding bridge notes. In addition, the lead investor has committed to purchase preferred shares with a stated value of approximately $3.6 million in exchange for the transfer of freely tradable equity securities, subject to standard closing conditions. The preferred shares were sold at $0.80 per share and warrants to purchase shares of common stock were issued at an exercise price of $0.83 per share. The company is permitted to conduct additional closings in accordance with the terms of the securities purchase agreement. The company intends to use the net proceeds from the private placement for working capital. The company will file a Form 8-K with the Securities and Exchange Commission describing in more detail the terms of the private placement.
"The additional investment reflects investor confidence in the strength of our science and our clinical results to date. We expect it to fully fund our most promising diagnostic imaging products through Phase II data, further strengthening potential for strategic partnerships and advancing our goal of commercialization in 2016," said Thijs Spoor, Chairman and CEO of FluoroPharma. "FluoroPharma's goal is to enable personalized medicine through precision diagnostics. It is becoming increasingly clear that novel diagnostic imaging agents are urgently needed and we are focused on driving forward the development of our pipeline to provide healthcare professionals around the world with new products that expand and improve their diagnostic capability and contribute to earlier, more accurate diagnosis of diseases. Enabling the physician to prescribe the right medicine, for the right person, at the right time, for the right outcome, must begin with the right diagnosis. In this new age of information, our precision diagnostics could provide 'real time' information for clinicians, allowing them to look deeper inside the body to see exactly what is happening. This knowledge further enables doctors and patients to make more informed choices on treatment."
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities referenced herein in any jurisdiction to any person.
The securities to be issued in connection with the transaction have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements.
FluoroPharma is a biopharmaceutical company engaged in the discovery and development of proprietary PET imaging products to evaluate cardiac disease at the cellular and molecular levels. The Company has licensed technology from the Massachusetts General Hospital in Boston.
The Company's goal is to enable personalized medicine through precision diagnostics that will help the medical community diagnose disease more accurately at the earliest stages, leading to more effective treatment, management and better patient outcomes.
FluoroPharma's initial focus is the development of breakthrough positron emission tomography (PET) imaging agents and is advancing two products in clinical trials for assessment of acute and chronic forms of coronary artery disease. These first in class agents have been designed to rapidly target myocardial cells. Other products in development include agents for detection of inflamed atherosclerotic plaque in peripheral arteries, agents with the potential to image brain tissue affected by Alzheimer's disease and agents that could potentially be used for imaging specific cancers.
In addition to the United States, Europe and China, patents related to FluoroPharma's portfolio of imaging compounds have been issued in Japan, Canada, Australia, Finland, Portugal, Ireland and Mexico.
For more information on the Company, please visit: www.fluoropharma.com
Except for historical information contained herein, the statements in this release are forward-looking. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding FluoroPharma's research and development activities and anticipated operating results. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the Food and Drug Administration, the introduction of competing products, or management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in FluoroPharma's filings with the United States Securities and Exchange Commission. FluoroPharma undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.