SALT LAKE CITY, June 3 TechniScan, Inc. (OTC Bulletin Board: TSNI) a medical device company engaged in the development and commercialization of an automated breast ultrasound imaging system, today announced that it oversubscribed on its debt financing, which was structured as a convertible debt instrument, with accredited investors totaling $2.55 million.
"It is gratifying to be oversubscribed in this market and it speaks well of investors' confidence in our technology and management team," said Steven Passey, chief financial officer at TechniScan. "We are now able to move ahead on our plan for equity financing and look forward to the next few months of activity both in financing and product development."
Jesup & Lamont Securities Corp. served as the placement agent for the debt transaction.
On the heels of the debt financing, TechniScan filed a registration statement (form S1) for equity financing. The registration filing contemplates TechniScan will place a minimum of 16,000,000 units and a maximum of 28,500,000 units. Each unit consists of one share of common stock and one warrant to purchase 0.4 shares of common stock. Jesup & Lamont Securities Corp, and Global Hunter Securities LLC will act as placement agents for the offering.
About TechniScan, Inc.
Based in Salt Lake City, TechniScan, Inc. is a medical device company engaged in the development and commercialization of a non-invasive imaging tool designed to provide physicians with automated ultrasound images of the human breast. The system uses a process called Warm Bath Ultrasound(TM) (WBU) to provide physicians with automated, 3D, images of the breast. TechniScan's WBU(TM) imaging device is limited by U.S. law to investigational use unless, and until, cleared by the FDA. For more information, please visit www.techniscanmedical.com.
Forward Looking Statements
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SOURCE TechniScan, Inc.