Company raises a total of $1,815,000
FRANKLIN, Mass., July 19 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (OTC Bulletin Board: SONT) announced today that it completed
the final closing of an equity financing transaction in which it received
approximately $1,815,000 from individuals, including a total of $105,000
invested by a member of the Board of Directors and an Executive Officer of
the Company, and institutions, each of whom is an accredited investor, in a
series of closings. The Company issued 1,815,000 units in the financing at
a purchase price of $1.00 per unit. Each unit is comprised of (i) one share
of the Company's common stock, and (ii) a warrant to purchase 0.3 shares of
the Company's common stock at an exercise price of $1.40.
The Company previously disclosed the first two closings of the
financing, in which it raised approximately $1,250,000. The final closing
of the financing, in which the Company raised an additional $565,000,
occurred on July 16, 2007.
Neither the shares of common stock offered and sold in the private
placement nor the shares of common stock underlying the warrants were
registered under the Securities Act of 1933, and, therefore, such shares
may not be offered or sold in the United States absent registration or an
applicable exemption from registration. Sontra offered and sold the shares
of common stock and warrants in reliance on the statutory exemption from
registration in Section 4(2) of the Securities Act or 1933 and/or
Regulation D promulgated thereunder. This press release is not an offer to
sell or a solicitation of an offer to buy any securities of Sontra, nor
shall there be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state
or jurisdiction. This press release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act of 1933.
About Sontra Medical Corporation ( http://www.sontra.com )
Sontra Medical Corporation owns technology in ultrasound and skin
permeation methods used in transdermal science for therapeutic and
diagnostic applications, and is developing a non-invasive, continuous
transdermal glucose monitor ("CTGM") for use in the Diabetes and Intensive
Care Markets. The CTGM device makes use of the FDA-approved SonoPrep(R)
ultrasound-mediated skin permeation system. In addition to utilizing its
technical competencies, the Company intends to pursue acquisition and
licensing arrangements of new technologies for development and possible
partnering opportunities.
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Any
forward- looking statements contained herein are based on current
expectations, but are subject to a number of risks and uncertainties. The
factors that could cause actual future results to differ materially from
current expectations include, but are not limited to, risks and
uncertainties relating to the Company's ability to sell additional shares
of common stock and warrants to purchase common stock at additional
closings, the Company's ability to develop, market and sell products based
on its technology, including a continuous transdermal glucose monitor for
the diabetes and hospital ICU market; the expected benefits and efficacy of
the SonoPrep device in connection with diagnostics, glucose monitoring and
transdermal science; the availability of substantial additional funding for
the Company to continue its operations and to conduct research and
development, clinical studies and future product commercialization; and,
the Company's business, research, product development, regulatory approval,
marketing and distribution plans and strategies. These and other factors
are identified and described in more detail in our filings with the SEC,
including, without limitation, our respective annual reports on Form 10-KSB
for the year ended December 31, 2006, our respective quarterly reports on
Form 10-QSB, and our current reports on Form 8-K. We do not undertake to
update these forward-looking statements made by us.
Sontra Medical Corporation, 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.
Investor Relations Contacts:
Harry G. Mitchell, Interim CEO
508-530-0311
hmitchell@sontra.com
SOURCE Sontra Medical Corporation
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Related links:
http://www.sontra.com
CONTACT:
Harry G. Mitchell, Interim CEO of Sontra
Medical Corporation, +1-508-530-0311, hmitchell@sontra.com
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