Business
MEDITE Cancer Diagnostics Reports Closing of $5.4 Million Private Financing, Providing Working Capital to Drive Commercial Plan Execution
MEDITE Cancer Diagnostics Reports Closing of $5.4 Million Private Financing, Providing Working Capital to Drive Commercial Plan Execution.
About this update from Medite Cancer Diagnostics Inc
[{"type":"text","content":"\n\n ORLANDO, Fla., Oct. 03, 2017 (GLOBE NEWSWIRE) -- MEDITE Cancer Diagnostics, Inc. (OTCQB:MDIT) (the “Company”), specializing in the development, manufacturing and marketing of molecular biomarkers and premium medical devices for detection, risk assessment and diagnosis of cancer and precancerous conditions, today announced the closing of a $5.4 million private financing with GPB Debt Holdings, resulting in gross proceeds net of discount of $4.9 million.  \n “We are pleased to have completed this important financing that we believe will position MEDITE to execute on its growth strategy that is focused on bringing new innovative cancer diagnostic products built upon a foundation of manufacturing excellence to the global marketplace,” commented David Patterson, CEO of MEDITE. “We are confident that strengthening our balance sheet, including the infusion of working capital to drive execution of the Company’s business plan, should enable MEDITE to meet internal production targets. We believe the Company is now well positioned to meet product demand for the fourth quarter, which is typically our strongest quarter of the year.” “We are particularly pleased with the robust market interest in our new C1 SureCyte™ fluorogenic stain, which exceeded our expectations when we introduced the product at leading industry trade shows in Amsterdam and Barcelona over the past month. The revolutionary C1 stain provides clinicians with an accelerated, efficient staining process with unrivaled digital imaging capabilities. We anticipate the working capital infusion from this financing to enable the fulfillment of orders and the booking of initial revenues from this product in the fourth quarter of 2017. Looking ahead to 2018, MEDITE plans to continue to bring new products to market including at-home specimen collection kits and cell preservation solutions that will support MEDITE’s goal to become a one stop supplier, covering the complete laboratory process,” concluded Mr. Patterson. The financing consisted of MEDITE issuing to GPB a secured promissory note in the aggregate principal amount of $5,356,400, at a purchase price equal to 97.5% of the Face Value of the original $5 million Note and an additional discount of 300,000 Euro ($356,400 at September 26, 2017) attribute...