FRANKLIN, Mass., Dec. 8 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (Nasdaq SC: SONT) announced today that it has completed a
financing that provided Sontra with net proceeds of approximately $4 million.
On December 8, 2004, investors purchased approximately 2.5 million shares of
the Company's Common Stock in a private placement at a per share purchase
price of $1.70. The investors also received warrants to purchase approximately
1 million shares of Common Stock. The warrants are exercisable at a per share
price of $2.45 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 $4.90 per share.
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 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(R) 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 has demonstrated strong initial human
clinical trials at leading universities and medical centers for several
billion dollar market opportunities including the transdermal delivery of
vaccines and large molecule drugs and continuous non-invasive glucose
monitoring. Sontra is currently marketing the SonoPrep device and procedure
tray for use with topical lidocaine to achieve rapid (within five minutes)
skin anesthesia.
SOURCE Sontra Medical Corporation
 back to top
Related links:
http://www.sontra.com
CONTACT:
Sean Moran, Sontra Medical CFO,
+1-508-553-8850 ext 234; or Evan Smith, CFA, +1-212-850-5606, or
Erica Pettit, +1-212-850-5614 both of Financial Dynamics
|
