TearLab Announces Warrant Exercise by Institutional Investors
GlobeNewswirePress Release: TearLab Corporation – Mon, Mar 19, 2012 8:00 AM EDT
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SAN DIEGO, March 19, 2012 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR - News) (TSX:TLB.TO - News) ("TearLab" or the "Company") announced today that 1,373,700 share purchase warrants issued in connection with the Company's June 2011 private placement financing have been exercised by certain institutional investors into an equivalent number of common shares of the Company for total gross proceeds of approximately $2,555,000. Approximately 2,472,454 share purchase warrants issued in connection with the June 2011 financing remain outstanding.
"We would like to thank our shareholders for their continued confidence and support," commented Elias Vamvakas, TearLab's Chief Executive Officer. "These warrant exercises have satisfied our immediate funding needs in a non-dilutive way. While we would still like to have additional financial resources to pursue some of our slated marketing and sales programs, and to complete the development of our second test, we plan on being strategic in the way that we achieve that. As always, we remain committed to building shareholder value while, at the same time, minimizing shareholder dilution."
About TearLab Corporation
TearLab Corporation (www.tearlab.com) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. Headquartered in San Diego, CA, TearLab Corporation's common shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange under the symbol 'TLB'.
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