MINNEAPOLIS, Aug. 18, 2004 (PRIMEZONE) -- ProUroCare Medical Inc. (OTCBB:PRRC) announced today that it has completed a private placement of 2,205,000 shares at $2.00 per share, resulting in gross proceeds to the company of $4,400,000 before payment of offering costs. Concurrent with the completion of this financing, the company, subject to certain terms and conditions, filed a registration statement with the SEC covering the resale of the common shares purchased and the shares issuable upon exercise of warrants. With the completion of this private placement ProUroCare Medical Inc. will have 13,943,616 shares outstanding and 17,010,493 shares on a fully diluted basis.
Mr. Michael Grossman, ProUroCare President and CEO commented, "We are very pleased with the successful completion of this financing which will allow us to further the development of our ProUroScan diagnostic product and our therapeutic vision system."
These securities were sold to accredited investors pursuant to exemptions under the Securities Act of 1933 as amended.
About ProUroCare Medical Inc.
ProUroCare Medical is an emerging company with highly proprietary vision systems technology focused at prostate disease. Our first product is a portable, low cost system called ProUroScan. It provides a quick diagnostic image of the prostate. Our second product is a real time vision system for therapeutic companies to facilitate safety and improved efficacy. We have a substantial patent portfolio in tactile sensors applications, electronic impedance tomography and ancillary activities. Our intent is to leverage this technology into other products in the future.