FRANKLIN, Mass., March 8 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (Nasdaq: SONT) announced today that it has completed a financing
that provided Sontra with net proceeds of approximately $1.6 million. On
March 7, 2006, investors purchased approximately 4.391 million shares of the
Company's Common Stock in a private placement at a per share purchase price of
$0.40. The investors also received warrants to purchase approximately 4.391
million shares of Common Stock. The warrants are exercisable beginning six
months from issuance at a per share price of $0.58 and will expire no later
than the fifth anniversary of the issue date. In addition, the Company shall
have the right to terminate the warrants, upon thirty days notice, in the
event that the closing price of the Company's common stock for twenty
consecutive trading days is equal or greater than $1.16 per share. Dawson
James Securities, Inc. acted as placement agent in connection with the private
placement.
The offer, sale and issuance to the investors of the Common Stock, the
warrants and the shares of common stock issuable upon the exercise of the
warrants have not been and will not be registered under the Securities Act of
1933, as amended, and, unless so registered, may not be offered or sold in the
United States, except pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as amended, and
applicable state securities laws. The Company is required to register for
resale under the Securities Act the shares of Common Stock issued to the
investors and the shares issuable upon the exercise of the warrants.
This press release is being issued pursuant to and in accordance with Rule
135c under the Securities Act and shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.
About Sontra Medical Corporation (http://www.sontra.com)
Sontra Medical Corporation is a technology leader in transdermal science.
Sontra's SonoPrep ultrasound-mediated skin permeation technology combined with
technical competencies in transdermal drug formulation, delivery systems and
biosensors is creating a new paradigm in transdermal drug delivery and
diagnosis. The SonoPrep technology is being developed for several billion
dollar market opportunities, including continuous glucose monitoring and the
transdermal delivery of large molecule drugs and vaccines. Sontra is currently
marketing the SonoPrep device and procedure tray for use with topical
lidocaine to achieve rapid (within five minutes) skin anesthesia.
Contact:
Sean Moran, Sontra Medical CFO
508-530-0334
SonoPrep is a registered trademark of Sontra Medical Corporation. All
other company, product or service names mentioned herein are the trademarks or
registered trademarks of their respective owners.
SOURCE Sontra Medical Corporation
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Related links:
http://www.sontra.com
CONTACT:
Sean Moran, CFO of Sontra Medical,
+1-508-530-0334
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