MicroIslet to Advance Product Development with Definitive Agreement for $3.4 Million Private Placement
December 27 2005 - 8:00AM
PR Newswire (US)
SAN DIEGO, Dec. 27 /PRNewswire-FirstCall/ -- MicroIslet Inc.
(AMEX:MII) announced today that it has entered into agreements for
the sale of common stock for gross proceeds of approximately $3.4
million. The purchasers include new and existing institutional and
other accredited investors. The company has agreed to sell an
aggregate of approximately 2.3 million shares and to issue to the
investors five-year warrants to purchase an aggregate of
approximately 1.15 million shares. The company has agreed to file a
registration statement covering the resale of the shares issued in
this offering and the shares issuable upon exercise of the
warrants. The offering is expected to close on or about December
27, 2005. "The proceeds of the financing are expected to be used
for working capital purposes to further development of the
company's MicroIslet-PTM product candidate," said John F. Steel IV,
the company's Chairman and Chief Executive Officer. This
announcement does not constitute an offer to sell or a solicitation
of an offer to buy securities of MicroIslet. These securities have
not been registered under the Securities Act of 1933 or applicable
state securities laws and may not be offered or sold in the United
States or any state thereof absent registration under the
Securities Act and applicable state securities laws or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws. This press
release is being issued pursuant to and in accordance with Rule
135c under the Securities Act. About MicroIslet MicroIslet is a
biotechnology company engaged in the research, development, and
commercialization of patented technologies in the field of
transplantation therapy for people with insulin-dependent diabetes.
MicroIslet's patented islet transplantation technology, exclusively
licensed from Duke University, includes methods for isolating,
culturing, cryopreservation, and immuno-protection
(microencapsulation) of islet cells. MicroIslet is working to
develop and commercialize a first product, called MicroIslet-PTM, a
microencapsulated porcine islet cell suspension that will be used
for transplantation in patients with insulin-dependent diabetes.
Except for the historical information contained herein, the matters
set forth in this press release, including the expectation of
development of new therapeutic products, the impact of MicroIslet's
products on diabetes patients, and the projected sufficiency of
funds raised in the offering described herein are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including the
risks and uncertainties inherent in medical treatment discovery,
development and commercialization, the risks and uncertainties
associated with MicroIslet's early stage xenotransplantation
technologies, the risks and uncertainties of governmental approvals
and regulation, MicroIslet's need to raise substantial additional
capital to proceed through human clinical trials and bring any
product to market, the risk that difficulties could arise which
render existing financing insufficient for its projected uses, the
risks that MicroIslet's competitors will develop or market
technologies or products that are more effective or commercially
attractive than MicroIslet's products, and other risks detailed
from time to time in MicroIslet's most recent filings with the
Securities and Exchange Commission. These forward-looking
statements speak only as of the date hereof. MicroIslet disclaims
any intent or obligation to update these forward-looking
statements. For more information, please visit our Web site at
http://www.microislet.com/. For further information, please
contact: John F. Steel IV, Chairman and Chief Executive Officer of
MicroIslet, Inc., +1-858-657-0287, . DATASOURCE: MicroIslet Inc.
CONTACT: John F. Steel IV, Chairman and Chief Executive Officer of
MicroIslet, Inc., +1-858-657-0287, Web site:
http://www.microislet.com/
Copyright
Microislet (AMEX:MII)
Historical Stock Chart
From May 2024 to Jun 2024
Microislet (AMEX:MII)
Historical Stock Chart
From Jun 2023 to Jun 2024