FT. MYERS, Fla., Jan. 25 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM.OB - News) today announced that it had reached agreements for up to $600,000 of new equity financing for the Company as well as planned amendments to its credit facility. As part of these agreements, a new investor to the Company has purchased 2.0 million restricted shares of the Company's common stock at a purchase price $0.20/share, which has resulted in $400,000 of new equity capital coming into the Company.This investor was also granted a warrant to purchase 900,000 shares of common stock at an exercise price of $0.26/share As part of the equity agreements and planned credit facility amendment, the Company also granted the right to purchase an additional $200,000 of equity under the same terms by April 30, 2006 to Aspen Select Healthcare, LP ("Aspen") the Company's largest shareholder and creditor, provided that if Aspen elects not to exercise such rights, then the Company may make such shares available for purchase to the new investor. This investor was also granted a warrant to purchase 900,000 shares of common stock at an exercise price of $0.26/share
Mr. Gasparini added, "Operationally, the Company is doing great. We are experiencing very strong growth across the board in all our core testing services. While we are still completing our year-end audit and won't be releasing our 2005 fourth quarter and fiscal year financial results until late February or early March, I can report that after a record Q2 and Q3, our testing volumes increased another 23% in the fourth quarter of 2005 from the third quarter. In addition, we are experiencing very strong growth this month and expect that our testing volumes will increase another 15-20% sequentially from December. Given our current momentum, we anticipate that we will be profitable on a monthly basis by the end of the first quarter, and we believe this will be the final financing package for our current business plan."
A more complete description of the terms of these financings is included with the Company's report on Form 8-K, which was filed with the SEC yesterday.
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