ProUroCare Medical Inc (PUMD)

[TKnight28]

A provider of proprietary imaging products, said that it has closed on a $885,000 private placement of debt financing.

According to ProUroCare, the funding was provided by a small group of existing investors closely aligned with the company.

ProUroCare said it will use the proceeds to fund manufacturing and marketing scale-up activities, expand the company's existing intellectual property portfolio and form a scientific advisory board.

It added that a portion of the funding will also be used to pay existing debt obligations and for general corporate purposes.

Company CEO Rick Carlson said, "This additional funding brings the total amount raised by the company since 2007 to more than $9.3 million."

Minnesota-based ProUroCare Medical is 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.