To be Delisted from TSX
TORONTO, April 7 /CNW/ - Predictive medicine company PreMD Inc. (TSX:
PMD; PREMF.pk) today announced that it has closed a debt financing that is
expected to allow the company to move forward towards an eventual FDA outcome
and pursue its previously announced lawsuit. The company has also announced
that it has voluntarily delisted from the TSX effective at the close of
trading today as it cannot file its annual statements and will no longer meet
the TSX's minimum listing requirements.
"We now have access to a limited line of credit which has been extended
to us from our primary creditor. The objective of the facility is to allow us
to see out our FDA appeal and pursue our lawsuit. However, it is not
significant enough to allow us to invest in our operations or clinical
programs", said Dr. Brent Norton, President and CEO.
About PreMD Inc.
PreMD Inc. is dedicated to developing rapid, non-invasive tests for the
early detection of life-threatening diseases. PreMD's cardiovascular products
include PREVU(*) POC and PREVU(*) LT, both non-invasive skin cholesterol tests.
The Company's cancer tests include ColorectAlert(TM), LungAlert(TM) and a
breast cancer test. PreMD is located in Toronto, Ontario,. For more
information about PreMD, please visit www.premdinc.com.
This press release contains forward-looking statements. These statements
involve known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include, among
others, the successful development or marketing of the Company's products, the
competitiveness of the Company's products if successfully commercialized, the
lack of operating profit and availability of funds and resources to pursue R&D
projects, the successful and timely completion of clinical studies, product
liability, reliance on third-party manufacturers, the ability of the Company
to take advantage of business opportunities, uncertainties related to the
regulatory process, and general changes in economic conditions. In addition,
while the Company routinely obtains patents for its products and technology,
the protection offered by the Company's patents and patent applications may be
challenged, invalidated or circumvented by our competitors and there can be no
guarantee of our ability to obtain or maintain patent protection for our
products or product candidates.
Investors should consult the Company's quarterly and annual filings with
the Canadian and U.S. securities commissions for additional information on
risks and uncertainties relating to the forward-looking statements. Investors
are cautioned not to rely on these forward-looking statements. PreMD is
providing this information as of the date of this press release and does not
undertake any obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or otherwise.
%SEDAR: 00007927E %CIK: 0001179083
For further information: Brent Norton, President & CEO, Tel: (416)
222-3449, Email: firstname.lastname@example.org