Everone, check out the charts on GMED! They're above the 5, 10 and 50 day EMA. THe Stokes are shooting up and my favorite reading, the MACD, is showing a bullish crossover above 0! Check out this news as well..Looks like they're selling approximately 25,000,0000 shares of common stock as restricted shares for $900,000. That's almost like buying back shares, except they're getting paid!!! This will immediately decrease the Float.
As always, do your own DD.
ST. LOUIS, Jan 20, 2004 /PRNewswire-FirstCall via COMTEX/ -- GenoMed Inc. ("the Company" or "GenoMed")(National Quotation Bureau's Pink Sheets Symbol GMED) announced today that the Company has secured an additional $900,000 in equity financing from Advanced Optics Electronics, Inc. ( ADOT ). This financing is separate and in addition to the up to $500,000 financing secured by the Company in October 2003 (see company press release of October 22, 2003).
Terms of the Agreement call for a capital investment into GenoMed of $900,000 in exchange for restricted common shares of GenoMed at a 25% discount to market. The financing Agreement will be available for public review within the Company's next filings with the Securities and Exchange Commission (SEC) at www.sec.gov .
Dr. David Moskowitz, GenoMed's CEO and Chief Medical Officer said, "I am pleased to report to the shareholders of our Company that we have secured financing that will allow the Company to accelerate our search for new disease genes, while also spreading the word about diseases we can manage based on the 'master' disease gene we've already found."
Dr. Moskowitz continued, "The capital infusion will be spent mostly on genotyping, sample collection, and data analysis. We shall also commit some money to educating the public about being able to prevent 90% of kidney failure in this country, as well as significantly delay the progression of emphysema. Positive results for West Nile virus encephalitis, psoriasis, and late stage pancreatic cancer will be published soon. Trials are in progress for a number of diseases, including SARS and the flu."
Dr. Moskowitz ended by saying, "I believe this transaction is extremely fair. It limits the dilution to our existing shareholders as the Company moves forward."
About GenoMed
GenoMed, Inc. is a Next Generation Disease Management(TM) whose mission is to improve patient outcomes by identifying the molecular pathways that cause disease. A St. Louis Business Journal article ( http://www.stlouis.bizjournals.com/stlouis/stories/2002/05/13/story8.html ) first reported that the company has applied for patents based on its finding that the ACE gene is associated with a large number of common diseases. It has an aggressive plan to find hundreds of additional disease-predisposition genes within the next 24 months.
For questions, please contact David W. Moskowitz MD, MA(Oxon.), FACP at 314-977-0115, FAX 314-977-0042, email: dwmoskowitz@genomedics.com , or visit GenoMed at www.genomedics.com .
This press release contains forward looking statements, including those statements pertaining to GenoMed, Inc.'s (the Company's) treatments. The words or phrases "ought to," "should," "may," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward looking statements as a result of a number of risks and uncertainties, including but not limited to: (a) whether we will have sufficient additional financing to conduct our research and development; and (b) our research and development being subject to other economic, regulatory, governmental, and technological factors. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Unless otherwise required by applicable law, we specifically disclaim any obligation to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
SOURCE GenoMed Inc.
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