TORONTO, Dec. 31, 2015 /CNW/ - Medifocus Inc. ("Medifocus" or the "Company") (TSXV: MFS) and (OTCQX: MDFZF) announced today that, subject to regulatory approval, it has granted incentive stock options to the directors and officers of the Company to purchase an aggregate of 10,100,000 common shares under the Company's Stock Option Plan. Each Option is exercisable at a price of $0.08 per common share, expire five years from their date of grant and vests on the date of grant.
Medifocus is also pleased to announce that, after receiving approval from the TSX Venture Exchange (TSXV), it has completed a previously-announced shares for debt transaction. Medifocus has issued an aggregate of 3,192,095 common shares at a deemed price of $0.055 per common share to settle an aggregate of $175,565 of previously incurred debt representing unpaid fees and amounts due to service providers. A further $110,00 owing to Directors and Officers will be settled with the issue of 2,000,000 common shares pending disinterested shareholder approval. All of the common shares issued in connection with the shares for debt transaction are subject to a 4-month and one day hold period expiring on January 22, 2017
About Medifocus, Inc.:
Medifocus, Inc. (TSXV-MFS, OTC-MDFZF) is biotechnology company with a portfolio of medical technologies that utilize heat activation to treat conditions ranging from prostate diseases to breast cancer and extends to gene therapy. Heat is known to accelerate numerous chemical and biochemical reactions, and Medifocus' portfolio relies on this fact to improve clinical outcome. Its Prolieve® Thermodilatation System offers relief from Benign Prostatic Hyperplasia (BPH) to millions of men with a simple, 45-minute, in-office treatment. Its APA 1000 Breast Cancer Treatment System is currently in phase 3 clinical trials, and it is designed to destroy localized breast tumors through the application of heat alone or in combination with chemotherapy. Medifocus has formally entered into an exclusive license agreement with Duke University to the Patent Rights of a "method for selective expression of therapeutic genes in cancer cells by hyperthermia" to develop Heat-Activated and Tumor-Targeted Immunotherapy and Gene Therapy. This is a novel approach to control expression of anti-cancer genes intratumorally with focused heat and is a unique method to achieve precise viral delivery of gene therapy and molecular therapeutics on demand. Medifocus will work on further development of other focused heat devices and delivery vector, making it universal to accommodate other molecular and genetic therapeutics. The Company believes this could result in an entire stable of gene-specific, heat-activated treatments for a variety of medical conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Relations: John Mon, COO, Medifocus, Inc. Tel: 410-290-5734 [email protected]
SOURCE Medifocus Inc.
For further information: Investor Relations: Michael Porter, President, Porter, LeVay and Rose, 212-564-4700, [email protected]