ISELIN, N.J., Aug. 14 SyntheMed, Inc.(OTC Bulletin Board: SYMD), today announced that it has completed the initialclosing of a private placement in which it received $2.8 million in grossproceeds. Robert P. Hickey, the Company's President and CEO, stated, "Theproceeds of this financing will help fund the US launch of REPEL-CV(R)Adhesion Barrier planned for the fourth quarter of this year."
At the closing, the Company issued and sold 2.8 million shares of CommonStock at $1.00 per share to a consortium of accredited overseas investors.The Company has authorized the sale of an additional 3.2 million shares in theprivate placement on the same terms. The Company has agreed to file aregistration statement with the SEC covering the resale of theprivately-placed shares within thirty days following final closing of theplacement, which is anticipated to occur on or before August 31, 2007.
The securities offered in the private placement have not been registeredunder the Securities Act of 1933 and may not be offered or sold in the UnitedStates absent registration or an applicable exemption from registrationrequirements.
SyntheMed, Inc. is a biomaterials company engaged in the development andcommercialization of anti-adhesion and drug delivery products based on itsproprietary bioresorbable polymer technology.
Statements in this Press Release that are not statements of historicalfact, including statements regarding indications of the timing or ability toachieve regulatory approval and market launch for REPEL-CV or the potentialmarket size for REPEL-CV, constitute "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995. Suchforward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievementsof the Company, or industry results, to be materially different from anyfuture results, performance, or achievements expressed or implied by suchforward-looking statements. Such risks and uncertainties include but are notlimited to (i) potential adverse developments regarding the Company's effortsto obtain and maintain required FDA and other regulatory approvals; (ii)potential inability to secure funding as and when needed to support theCompany's future activities and (iii) unanticipated delays associated withmanufacturing and marketing activities. Reference is made to the Company'sAnnual Report on Form 10-KSB for the year ended December 31, 2006 for adescription of these, as well as other, risks and uncertainties.
SOURCE SyntheMed, Inc.