CHICAGO, June 24, 2004 (PRIMEZONE) -- Molecular Diagnostics, Inc. (OTCBB:MCDG) announced today that it has completed a $2,600,000 private placement of convertible notes. In addition, the Company received a total of $1,660,000 from Bathgate Capital Partners, LLC of Denver, Colorado, of which $1,500,000 was previously announced by the Company in a press release date April 5, 2004.
Denis M. O'Donnell, M.D., President and Chief Executive Officer of Molecular, commented that "this financing achievement was a strong vote of confidence in the commercial potential of our lead products, which include the FDA approved e2(tm) collector device, Automated Imaging Process System, and the CVX biochemical assay product candidate as well as our overall strategic direction." This funding has allowed the Company to restart its corporate and laboratory operations as well as restart the company restructuring effort through the payment and settlement of certain liabilities. Dr. O'Donnell, indicated that "we can now focus our attention on the manufacture and distribution of the FDA approved e2(tm) collector, final commercialization to the Automated Imaging Process System, and planning for the commencement of the CVX biochemical assay FDA clinical trial. Our InPath(tm) System of cutting edge products addresses a worldwide market opportunity to provide a more efficient and accurate solution for cervical diagnostic screening."
As previously announced, Molecular will host a conference call at 4:15 p.m. Eastern Daylight Savings Time today, June 24, 2004. Molecular Diagnostic's President and CEO, Denis M. O'Donnell, M.D., will host the call. Interested parties are invited to listen to the conference call by telephone.
Instructions for hearing the conference call are as follows:
To hear the conference call live: Call 1-800-434-1335 in the United States or Canada or; Call 1-404-920-6620 in the Atlanta Area or Internationally Pin Code: 949989 -- Exclusive -- : For Expedited Entry into the Conference, please register via this link for your Direct Access 800-number: http://www.accuconference.com/MCDG To hear a recording of the call (available immediately following the call by telephone for 30 days after the call takes place): Call 1-800-977-8002 in the United States or Canada or; Call 1-404-920-6650 in the Atlanta Area or Internationally Pin Code: Press * then 949989
About Molecular Diagnostics, Inc.
Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.
More information is available at: www.Molecular-Dx.com
Certain statements in this release are forward-looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(tm) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from Molecular Diagnostic's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2003 and its Quarterly Report on Form 10-QSB for the quarter ended March 31, 2004. Except as expressly required by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.