EDEN PRAIRIE, Minn.,
Aug. 5 /PRNewswire-FirstCall/ --
ProUroCare Medical Inc. (OTC Bulletin Board: PUMD) today announced
the successful completion of its tender offer to holders of certain
outstanding warrants, resulting in the exercise of warrants to
purchase approximately 1 million shares of common stock.
Under the offer, the terms of the warrants were temporarily
modified so that holders who exercised their warrants by
August 2, 2010 would receive, in
addition to the shares of common stock purchased upon exercise, an
equal number of three-year replacement warrants. The
replacement warrants are exercisable at $1.30 per share and may be called at ProUroCare's
discretion at any time after the last sales price of its common
stock equals or exceeds $4.00 per
share for ten consecutive trading days.
Holders of $1.05 million of the
company's debt paid for the warrant exercise by cancelling their
promissory notes. Warrants to purchase 198,312 shares of
common stock were exercised for cash, resulting in gross proceeds
to the company of approximately $258,000. Cash proceeds from the offering
are to be used to obtain market clearance of the ProUroScan™
system, fund manufacturing and market scale-up activities, expand
intellectual property rights, form a scientific advisory panel and
conduct clinical studies and for other general corporate
purposes.
About ProUroCare Medical Inc.
ProUroCare Medical Inc. is a publicly traded company engaged in
the business of developing innovative medical imaging products. The
company's current focus is the ProUroScan prostate imaging system,
which is used to document abnormalities of the prostate detected by
a Digital Rectal Exam (DRE). Based in Minneapolis, Minn., ProUroCare is quoted on
the OTCBB.
Safe Harbor Statement
This news release contains certain "forward-looking"
statements. These statements are typically preceded by words such
as "believes," "expects," "anticipates," "intends," "will," "may,"
"should," or similar expressions. These forward-looking statements
are not guarantees of ProUroCare's future performance and involve a
number of risks and uncertainties that may cause actual results to
differ materially from the results discussed in these statements.
Factors that might cause ProUroCare's results to differ materially
from those expressed or implied by such forward-looking statements
include, but are not limited to, the ability of ProUroCare to find
adequate financing to complete the development of its products; the
high level of secured and unsecured debt incurred by ProUroCare;
the dependence by ProUroCare on third parties for the development
and manufacture of its products; and other risks and uncertainties
detailed from time to time in ProUroCare's filings with the
Securities and Exchange Commission including its most recently
filed Form 10-K and Form 10-Q. ProUroCare undertakes no duty to
update any of these forward-looking statements.
SOURCE ProUroCare Medical Inc.
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