BOSTON, May 18, 2011 /PRNewswire/ — FluoroPharma Medical
(OTC.BB: CEWM) announced that it has completed a merger transaction
with Commercial E Waste Management (CEWM). Effective as of the
closing of the transaction, FluoroPharma became a wholly-owned
subsidiary of CEWM. The newly combined, publicly traded company was
renamed FluoroPharma Medical, Inc. and the principal business
operations of the company going forward will be FluoroPharma’s PET
imaging product development. Additionally, immediately after the
closing of the merger, FluoroPharma Medical completed a capital
raising transaction through the placement of $3.5 million in stock.
FluoroPharma anticipates adopting a new ticker symbol on the OTC
Bulletin Board in the near future.
“This merger and capital infusion provide FluoroPharma with the
resources to advance the clinical development of our promising PET
imaging agents for acute and chronic coronary disease and novel
Alzheimer preclinical tracers,” commented Thijs Spoor,
FluoroPharma’s Chief Executive Officer.
Dr. David Elmaleh, Chairman of the Board of Directors and the
inventor of the Company’s imaging technology added, “FluoroPharma
was founded to improve patient care based on proprietary insights
into evaluating disease on the cellular and molecular levels. We
have successfully translated these scientific insights into data
from clinical trials in two separate cardiac imaging indications
and now look forward to taking the next steps in the development of
these agents.”
Additional information about the merger, capital raise
transaction and FluoroPharma, can be found in FluoroPharma’s
Current Report on Form 8-K which was filed with the Securities and
Exchange Commission on May 16, 2011.
About FluoroPharma Medical
FluoroPharma is a biopharmaceutical company engaged in the
discovery and development of proprietary PET imaging products
designed to improve patient management by evaluating cardiac
disease at
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