GMED Genomed Inc (OTHER OTC) 3/3/2004 11:59:39 AM ET
Realtime Quote $0.23 + $0.10 (+82.93%) Refresh Quote
Press Release for Genomed Inc
Swiss-based VC Expects GenoMed Stock To Surpass $1
3/3/2004 7:01:00 AM
ST. LOUIS, Mar 3, 2004 /PRNewswire-FirstCall via COMTEX/ -- GenoMed, Inc. ( GMED ), a Next Generation Disease Management(TM) company that uses its expertise in genes to improve patient outcomes, today announced that it has secured potential long-term funding from Pierpoint Investissements SA, a Swiss-based venture capital group registered in the British Virgin Islands. The agreement calls for a minimum annual investment of $500,000, up to a maximum of $2 million in any one year, for each of the next 10 years in exchange for 12-month restricted shares at a modest discount to the market price. For maintaining this level of annual investment, Pierpoint Investissements SA will keep active warrants for an additional 35 million shares. These can only be converted once the share price of GenoMed reaches at least $1.00. To limit dilution, only 7 million warrants will be convertible each year, so that it will take at least five years to convert this block of 35 million warrants to 12-month restricted shares.
Dr. David Moskowitz, GenoMed's CEO, said, "We believe that we have achieved equity financing that is minimally dilutive and in the best interests of the company and its existing shareholders. Pierpoint clearly believes that our stock will be worth at least $1, as do I. This financing allows us to move forward aggressively with our scientific program, as well as with our marketing strategy to patients and physicians nationwide."
GenoMed also announced today that the United States Patent and Trademark Office has awarded the company two trademarks that it will use in its marketing efforts: "Next Generation Disease Management" and "Clinical Outcomes Improvement Program."
Dr. Moskowitz is a Harvard and Oxford trained physician, who trained for seven years in Internal Medicine, Biochemistry, and Nephrology at Washington University School of Medicine in St. Louis before spending 11 years on the faculty of St. Louis University School of Medicine. He is a noted pioneer in the field of medical genomics, and has been recognized for his groundbreaking treatment of diseases associated with the angiotensin I-converting enzyme, such as chronic renal failure due to hypertension or type II diabetes.
About GenoMed
GenoMed is leading the medical revolution which medical genomics has already made possible. GenoMed is a Next Generation Disease Management(TM) company whose mission is to improve patient outcomes by identifying the genetic pathways that cause disease. The Company is marketing its treatment against what it believes is the major starting point for most age-related diseases.
Safe Harbor Statement
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 Pierpoint Investissements SA elects to fund GenoMed beyond an initial $500,000; (b) whether we will have sufficient financing to conduct our research and development; and (c) 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.
David W. Moskowitz, MD, MA, FACP of GenoMed Inc.,
+1-314-9770115, dwmoskowitz@genomedics.com, or Paul Knopick of E & E
Communications, +1-949-707-5365, pknopick@eandecommunications.com for
GenoMed Inc.
http://www.genomedics.com
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