Money in the bank!!
Toestemming China zal snel gebeuren, lijkt mij.
Calypte Biomedical Enters into $8.0 Million Common Stock Purchase Agreement with Fusion Capital
PORTLAND, Ore.--(BUSINESS WIRE)--Jan. 23, 2008--Calypte Biomedical Corporation (OTCBB:CBMC), a developer, manufacturer and marketer of HIV diagnostic tests, today announced it has entered into a $8.0 million common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago-based institutional investor. The Company may sell up to $8.0 million of its common stock to Fusion Capital from time to time over a 24-month period after the Securities and Exchange Commission (SEC) has declared effective the registration statement related to the transaction. The proceeds will be used to further the commercialization of the Company's Aware(TM) HIV-1/2 Rapid diagnostic tests, develop new diagnostic tests and for general corporate purposes.
Under the agreement, the Company has the right to sell shares of common stock to Fusion Capital from time to time in amounts between $100,000 and $1.0 million, depending on certain conditions, for up to $8.0 million of total funds. The purchase price of the shares will be based on the prevailing market prices of the Company's shares at the time of sale without any fixed discount, and the Company will control the timing and amount of any sales of shares to Fusion Capital. There are no negative covenants, restrictions on future financings, penalties or liquidated damages in the agreement. A more detailed description of the transaction, as well as the agreement, is set forth in the Company's Report on Form 8-K filed today with the SEC which should be reviewed carefully in conjunction with this press release.
"We are very pleased to enter into this $8.0 million funding agreement with Fusion Capital, a respected institutional fund that has been investing in technology and health care companies for over eight years," said Roger I. Gale, CEO of Calypte. "The agreement, as a complement to funding potentially available to us from other sources, provides the Company with the flexibility to help us grow our rapid HIV diagnostic testing business in large developing markets as well as in the U.S."
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