CytoCore, Inc. (OTCBB: MCDG) announced today that it has
secured in excess of $1 million in new equity financing from
institutional sources through the issuance of common stock at current
market prices. The funding will be used to immediately implement key
aspects of its product development plans.
"This new funding CytoCore will be putting a number of key
programs into motion," said CEO David Weissberg. "They include hiring
key personal for our research laboratory with Dr. Gorodeski and our
product development laboratory with the AIPS project in Chicago,
putting the e2 Collector into manufacturing development, and bringing
together resources and people to develop the strategic distribution
strategy for the Collector. We expect to have a string of positive
developments to announce over the coming months."
A representative for one of the institutional investors stated
that, "I have been following this company for a number of years. The
progress made under the current management team with the turn around
is very positive. I believe the company is substantially undervalued
even when valuing only its near term commercial opportunity with the
e2-collector. Considering the longer-term commercial opportunity, with
the bio-markers and the automated microscope, the current market
valuation could in hind-sight prove to be irrationally low, bearing in
mind that more than $40M has been invested in the company to date to
bring MCDG's technologies to the market."
About CytoCore Inc.
CytoCore develops cost-effective cancer screening systems, which
can be utilized in a laboratory or at the point-of-care, to assist in
the early detection of cervical, endometrial, and other cancers. The
InPath(TM) System is being developed to provide medical practitioners
with a highly accurate, low-cost, cervical cancer screening and
treatment system that can be integrated into existing medical models
or at the point-of-care. More information is available at:
www.Molecular-Dx.com
Certain statements in this release are forward-looking. These
statements are based on CytoCore's current expectations and involve
many risks and uncertainties, such as the company's inability to
obtain sufficient financing, the possibility that clinical trials will
not substantiate CytoCore's expectations with respect to the
InPath(TM) System, and other factors set forth in reports and
documents filed by CytoCore with the Securities and Exchange
Commission. Actual results may differ materially from CytoCore's
current expectation depending upon a number of factors affecting the
Company's business. These factors include, among others, risks and
uncertainties detailed in the Company's periodic public filings with
the Securities and Exchange Commission, including but not limited to
the Company's Annual Report on Form 10-K for the year ended December
31, 2004 and its Quarterly Reports on Form 10-QSB for the quarters
ended June 30, 2005 and September 30, 2005. Except as expressly
required by law, CytoCore undertakes no obligation to publicly update
or revise any forward-looking statements contained herein.
KEYWORD: NORTH AMERICA ILLINOIS UNITED STATES
INDUSTRY KEYWORD: WOMEN HEALTH HOSPITALS ONCOLOGY RESEARCH & SCIENCE CONSUMER FUNDING
SOURCE: CytoCore, Inc.
CONTACT INFORMATION:
For Molecular Diagnostics, Inc.
Gene Martineau, 212-348-1852
ebm@interport.net
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