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Cell Robotics Announces Successful Completion of Private Placement
MONDAY, FEBRUARY 28 2000 8:14 AM EST
ALBUQUERQUE, N.M., Feb 28, 2000 (BW HealthWire) --
Funds Used to Ramp Up Production, Marketing and Sales of The Only FDA-approved Laser Device (Personal Lasette(R))
Used by Diabetics to Draw Blood for Glucose Testing Cell Robotics International (OTCBB:CRII), a research and medical laser device company, today announced that on February 25 it successfully completed a non-brokered, $1,080,000 private placement using 450,000 shares of its common stock.
On February 18, the company reached agreement on a term sheet, to sell the shares of restricted common stock at an approximate 30 percent discount to the market price. Terms of the private placement allow the purchase of an additional 50,000 shares of common stock under the same terms over the course of the next eight weeks.
The company raised this money exclusively through its own efforts and without the use of a placement agent.
Additionally, terms call for appointment of the investor to the current Board of Directors and to be nominated to the Board of Directors for vote by the shareholders at the annual meeting in May 2000. The investor is an experienced international technologist and manager who is the president of his own engineering company.
The proceeds from this private placement will be used primarily for the manufacturing, sales and marketing efforts of the company's proprietary, leading-edge laser device, the Personal Lasette. The Personal Lasette is the only FDA-cleared alternative to the needle or steel blade lancet currently available for diabetics to draw blood to test their glucose levels for subsequent insulin injections.
The Personal Lasette causes little pain, reduces finger soreness and eliminates the fear of sticking a steel lancet into one's finger.
Cell Robotics' President and Chief Executive Officer Dr. Ronald Lohrding commented, "We are pleased to obtain additional equity capital at this time. The proceeds from this placement will allow us to accelerate our manufacturing, marketing and sales efforts of the company's Personal Lasette.
"Moreover, we are excited to be able to ramp up marketing of the Personal Lasette to diabetics first in the United States and then as our production capability increases, to the more than 110 million diabetics worldwide."
Dr. Lohrding added, "The company plans to utilize proven marketing techniques to drive sales through traditional channels such as direct-mail, tradeshows, print publications aimed at diabetics, catalogs, the Internet, pharmacies and distributors."
About Cell Robotics International Cell Robotics International (www.cellrobotics.com) is a medical products company committed to enhancing the quality of life through technology. CRII manufactures, markets and distributes the Lasette, the only FDA-cleared alternative to the needle or steel blade lancet currently available for diabetics to draw blood so as to test their glucose levels. The company's additional products include its IVF Workstation(TM), a state-of-the-art infertility treatment, and the Cell Robotics Workstation(TM), an innovative scientific research instrument that uses laser light to transform a microscope from a viewing device into a tool for physically manipulating and dissecting living cells in microspace.
Forward-looking statements (statements which are not historical fact) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including the following: changes in economic conditions, general competitive factors, the company's ability to execute its manufacturing, service and product sales plans and uncertainties detailed in the company's filings with the Securities and Exchange Commission.
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
CONTACT: Cell Robotics International Inc., Albuquerque
Craig T. Rogers, 719/590-1793
Coffin Communications Group
Sean Collins / Patrick Denny, 818/789-0100
WEB PAGE: www.businesswire.com
INDUSTRY CODE: MEDICAL
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