BOSTON, June 23, 2011 /PRNewswire/ — FluoroPharma Medical
(OTC.BB: FPMI) announced it has received subscriptions from select
accredited investors for gross proceeds of $1.6 million in a
private placement offering. The proceeds from this financing
together with the previously announced financing in May 2011
aggregates $5.3 million. The Company intends to use the proceeds of
the offering for working capital purposes.
“We are pleased that we can continue to fund the advancement of
our portfolio of compounds,” said Thijs Spoor, FluoroPharma’s Chief
Executive Officer. “This step will allow the company to
significantly advance its clinical development.” Dr. David
Elmaleh, Chairman of the Board of Directors and the inventor of the
technology added, “the company has previously reached significant
milestones and we expect to continue to focus our efforts on
executing FluoroPharma’s strategic plan.”
Noble Capital Markets acted as placement agent and Sichenzia
Ross Friedman and Ference acted as counsel on the transaction.
The securities offered in this financing transaction have not
been registered under the Securities Act of 1933, as amended (the
“Securities Act”), or applicable state securities laws.
Accordingly, the securities may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. The securities were offered only to qualified
accredited investors. The Company has agreed to file a registration
statement with the Securities and Exchange Commission registering
the resale of the shares and the shares of common stock issuable
upon exercise of the warrants. Any offering of the Company’s
securities under the resale registration statement referred to
above will be made only by means of a prospectus.
This release does not constitute an offer to sell or the