Total Proceeds Raised Increases to $11.5 Million
SANTA CLARA, Calif., July 17 /PRNewswire/ -- Applied Imaging Corp.
(Nasdaq: AICX) announced the completion of the private placement financing
previously announced on June 3, 1998 with the placement of an additional
500,000 shares of its Common Stock. The recent sale adds $1.5 million to the
$10 million already raised at a purchase price of $3.00 per share to certain
accredited investors. The proceeds will be used for working capital and
general corporate purposes.
Jack Goldstein, Ph.D., President and CEO of Applied Imaging, commented,
"The latest placement completes this most recent round of financing. We are
very pleased with the added participation and support of current investors.
The funds from the private placement will allow us to further advance our
prenatal screening program."
Applied Imaging Corporation develops, manufactures and markets automated
clinical analysis systems used by laboratories for the diagnosis of prenatal
and other genetic disorders. The company markets its products worldwide.
Applied Imaging is developing a proprietary prenatal test for screenings of
genetic abnormalities by isolating fetal cells from a routine maternal sample.
This new test is designed to improve current prenatal screening techniques by
providing an accurate and cost effective procedure without the risk of
miscarriage associated with invasive prenatal testing.
Applied Imaging is a publicly traded company listed on the Nasdaq National
Market System under the symbol AICX.
SOURCE Applied Imaging Corp.
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CONTACT:
Jack Goldstein, President and CEO, or Mike
Braden, Corporate Controller, 408-562-0250, both of Applied
Imaging; or Ann Trunko, general information, or Kate Rajeck,
investor contact, 415-986-1591, both of The Financial Relations
Board
NOTE TO EDITORS: For more information on Applied Imaging via fax
at no cost, dial 800-PRO-INFO (908-544-2850 outside the U.S.),
ticker symbol AICX.
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