MonoGen, Inc. Announces Cessation of Commercial Operations
October 07 2008 - 4:00PM
Marketwired Canada
MonoGen, Inc. (TSX:MOG) has today announced both the cessation of active
commercial operations and a corresponding reduction of approximately 75% of its
workforce, effective immediately.
Ted S. Geiselman, MonoGen's President and CEO, commented, "It is with great
disappointment that we find it necessary to take this strong action at this
time. Despite our significant and thorough efforts seeking additional
investment capital, adverse financial market conditions in conjunction with
increased challenges on the commercial front have made raising additional
capital unfeasible. As a result, we feel that in order to better serve MonoGen
shareholders, creditors, employees and other stakeholders we must seek to
identify additional alternatives for the support of our continued new product
development efforts as well as the commercial activities associated with the
MonoPrep System, perhaps through a sale of the company or its assets."
Mr. Geiselman continued, "To that end, we have engaged Piper Jaffray, a well
known and respected investment bank serving the life sciences industry, to
immediately help us begin the process of identifying our strategic and financial
alternatives. Obviously our objective will be to obtain the greatest value
possible from the significant technology MonoGen has developed. We feel our
MonoPrep System and our MonoPrep imaging system, currently under development,
represent important and compelling advancements in liquid-based cytology
technology."
The company will provide additional information as it becomes available.
About MonoGen, Inc.
MonoGen, Inc., headquartered in the Chicago area, is a medical device and
diagnostics company providing high-quality and cost-effective cytological
screening and diagnostic products to healthcare providers in the anatomic
pathology industry.
Forward-Looking Statements
Statements contained in this press release relating to matters that are not
historical facts are forward-looking statements. Statements preceded by the
words believe, expect, anticipate, plan, intend, continue, estimate, may, will,
and similar expressions are forward-looking statements. Forward-looking
statements are based on our beliefs and assumptions based on information
available at the time the assumptions were made. Forward-looking statements
relate to, among other things, anticipated financial performance, business
prospects, strategies, regulatory developments, new services, market forces,
commitments and technological developments. By its nature, such forward-looking
information is subject to various risks and uncertainties, which could cause our
actual results to differ materially from the anticipated results or other
expectations expressed. Those risks and uncertainties include, but are not
limited to, our ability to raise additional capital, our ability to execute our
business plan while maintaining at all times our various regulatory approvals,
and the response from existing and potential competitors. Additional
discussions of the various risks are contained in our Annual Information Form
dated March 19, 2008, which is available on SEDAR (www.sedar.com). Readers are
cautioned not to place undue reliance on this forward-looking information, which
is given as of the date it is expressed in this document.