NEW YORK, Dec. 28 /PRNewswire-FirstCall/ -- Xenomics, Inc. (the "Company") (OTC Bulletin Board: XNOM; FWB: XE7), source of next-generation medical DNA technologies, announced today the closing of a private placement totaling $1.0 million, whose proceeds will help to fund the Company's efforts to develop advanced medical diagnostic tests for a range of diseases and genetic conditions, and to fund preparations toward product regulatory approval and commercialization.
The Company placed 1,000,000 shares of common stock and 500,000 warrants (the "Warrants") to an overseas institutional investor for aggregate gross proceeds of $1,000,000. The Warrants are immediately exercisable for a period of six (6) months from the date of issuance at $1.25 per share.
The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to the effectiveness of a registration statement or an applicable exemption from the registration requirements of the Securities Act. The Company has agreed to file a registration statement covering resale of the shares of common stock underlying the warrants by the private placement investor. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities.
About Xenomics, Inc.
Xenomics is a molecular diagnostic company that focuses on the development of DNA-based tests using transrenal DNA. Xenomics' patented technology uses safe and simple urine collection and can be applied to a broad range of applications, including detection and monitoring of infectious diseases, tumor detection and therapeutic monitoring, stem cell transplantation monitoring, and prenatal genetic testing.
Scientists from Xenomics were the first to report that fragments of DNA from cells can cross the kidney barrier and be readily detected in small urine specimens. The company believes that its transrenal DNA technology will open significant new markets in the molecular diagnostics field and provide a new generation of molecular diagnostic tests. Xenomics' issued U.S. patents protect an array of applications for molecular diagnostics and genetic testing.
Xenomics' stock trades under the symbol XNOM.OB and is also listed on the Frankfurt Stock Exchange under the symbol XE7.
For additional information, please visit http://www.xenomics.com/ .
Forward-Looking Statements
Certain statements made in this press release are forward looking. Such statements are indicated by words such as "expect," "might," "should," "anticipate" and similar words indicating uncertainty in facts and figures. Although Xenomics believes that the expectations reflected in such forward- looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to be correct. As discussed in Xenomics' Form 10-KSB as filed with the Securities and Exchange Commission on May 16, 2006, actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: uncertainties associated with product development, the risk that Xenomics will not obtain approval to market its products, the risk that Xenomics' technology will not gain market acceptance, the risks associated with dependence upon key personnel, and the need for additional financing.
Contact:
Xenomics Investor Relations
212-297-0808 Option 1
http://www.xenomics.com/
