SafeStitch Medical Announces $4 Million Funding Commitment
23 Julio 2009 - 3:21PM
Business Wire
SafeStitch Medical, Inc. (OTCBB:SFES) today announced that it
has entered into two stock purchase agreements with private
investors, pursuant to which SafeStitch may issue an aggregate of
up to four million shares of the Company's newly-designated 10%
Series A Cumulative Convertible Preferred Stock, par value $0.01,
at a price of $1.00 per share. The Company closed on the sale of
two million shares in a private transaction for aggregate proceeds
of $2 million on July 22, 2009, and SafeStitch may elect, in its
sole discretion, to issue an additional two million shares on or
before June 30, 2010. Shares issued pursuant to the agreements,
including the shares of the Company�s common stock into which the
preferred shares may be converted, are restricted securities, and
no registration rights have been granted.
"We are pleased to receive these funds and appreciate the
confidence these investors have shown in SafeStitch�s future," said
Stewart Davis, M.D., SafeStitch�s Chief Operating Officer. Dr.
Davis noted that �this infusion of capital comes just as we are
reaching major milestones in the development of our AMID Hernia
StaplerTM. We are currently preparing our applications for US and
European regulatory approval of this device, and we plan to conduct
clinical trials of the stapler this fall.� Dr. Charles Filipi, the
Company�s Medical Director, added that the funds �will also support
continued refinement of our endoscopic gastroplasty kit as we make
final preparations for human clinical trials, which we expect will
begin in 2010.�
About the Investors
Among the investors participating in the purchase agreements are
UniMed Investment, Inc., Brilliant Champion Resources Limited,
Frost Gamma Investments Trust, Hsu Gamma Investment, L.P. and
Jeffrey Spragens. For more information, see the Company's Current
Report on Form 8-K filed with the Securities and Exchange
Commission on July 23, 2009.
UniMed Investment, Inc. and Brilliant Champion Resources Limited
are entities controlled by Ruentex Group, a prestigious
conglomerate in Taiwan with operations in textiles, construction
and development, finance, medical services, retail and
education.
Frost Gamma Investments Trust is an entity controlled by Dr.
Phillip Frost, the largest beneficial owner of the Company�s common
stock.
Hsu Gamma Investment, L.P. is an entity controlled by Dr. Jane
Hsiao, the Company�s Chairman of the Board.
Jeffrey Spragens is the Company�s President and CEO, and a
member of the Board of Directors.
About SafeStitch Medical, Inc.
Miami-based SafeStitch Medical, Inc. is a medical device company
primarily developing endoscopic and minimally invasive surgical
devices. SafeStitch�s product portfolio includes endoscopic
gastroplasty devices for bariatric (obesity) surgery and repair of
gastroesophageal reflux disorder (GERD), as well as the AMID Hernia
StaplerTM, a standard bite block, an airway bite block and the
SMARTTM Dilator. The Company has also started development of
devices for excision and diagnosis of Barrett's esophagus and
natural orifice transluminal endoscopic surgery (NOTES).
Information about the Company may be found on its website at:
www.safestitch.com.
This press release contains "forward-looking statements," as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as "expects," "plans," "projects," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates," and
other words of similar meaning, including statements regarding our
product development efforts, our ability to significantly improve
clinical outcomes in patients, and our ability to develop a
preclinical pipeline of novel agents for ophthalmic diseases, as
well as other non-historical statements about our expectations,
beliefs or intentions regarding our business, technologies and
products, financial condition, strategies or prospects. Many
factors could cause our actual activities or results to differ
materially from the activities and results anticipated in
forward-looking statements. These factors include those described
in our filings with the Securities and Exchange Commission, as well
as risks inherent in funding, developing and obtaining regulatory
approvals of new, commercially-viable and competitive products and
treatments. In addition, forward-looking statements may also be
adversely affected by general market factors, competitive product
development, product availability, federal and state regulations
and legislation, the regulatory process for new products and
indications, manufacturing issues that may arise, patent positions
and litigation, among other factors. The forward-looking statements
contained in this press release speak only as of the date the
statements were made, and we do not undertake any obligation to
update forward-looking statements, except as required under
applicable law. We intend that all forward-looking statements be
subject to the safe-harbor provisions of the PSLRA.
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