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8-K - FORM 8-K - Medite Cancer Diagnostics, Inc. | c57042e8vk.htm |
Exhibit 99.1
CHICAGO(BUSINESS WIRE)CytoCore Inc. (OTCBB:CYOE News), the developer of
cost-effective products used in the practice of cytology for the detection and diagnosis of cancer
and cancer related diseases, announced today that NeoMed has made an investment in CytoCore Inc.
NeoMed Management, an international investment firm, is exclusively focusing on the healthcare and
life science industry. Founded in 1996, NeoMed has established four funds, with total committed
capital exceeding $200 million.
NeoMed invests in young companies with outstanding growth prospects. Portfolio companies typically
develop innovative products addressing inadequately served medical needs in the following industry
sectors: pharmaceuticals, biotechnology drugs, diagnostics, medical devices and instruments.
In settlement of outstanding litigation related to the issuance of notes by Molecular Diagnostics
Inc., the former name of CytoCore Inc. and related term sheets in 2001 and 2002, NeoMed has agreed
to accept 2,658,800 restricted shares valued at $.50 per share along with 217,000 warrants with an
exercise price of $.50 per share.
Robert F. McCullough Jr., CEO of CytoCore Inc., commented, We are happy to settle all outstanding
issues and reduce our liabilities by $1,329,400 related to the previously issued notes and accrued
interest. We also are happy to utilize NeoMeds network and expertise with regard to the
development of young companies growth prospects in addressing inadequately served medical needs as
we develop and implement `CytoCore Solutions.
Erik Amble, Managing Partner of NeoMed, added, Since 2001, we have been intrigued by the potential
of CytoCores innovative technologies and products and the large markets these technologies and
products address.
About CytoCore, Inc.
CytoCore develops cost-effective, highly accurate screening systems for early detection of
gynecological and other cancers. Designed for easy deployment at a laboratory or at the
point-of-care, the CytoCore suite of sample collection technologies assists in the detection of
cervical, endometrial, and other cancers. The CytoCore Solutions System is being developed to
provide medical practitioners with highly accurate, low-cost, screening systems for cervical and
other cancers that can be seamlessly integrated into existing medical models. More information is
available at:
http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cytocoreinc.com%2F&esheet=6210785&lan=en_US&anchor=www.cytocoreinc.com&index=1&md5=902c8746bc732383b9ca52d95a714847.
Certain statements in this release are forward-looking. These statements are based on CytoCores
current expectations and involve many risks and uncertainties, such as the companys inability to
obtain sufficient financing, the possibility that clinical trials will not substantiate CytoCores
expectations with respect to the CytoCore Solutions System, and other factors set forth in reports
and documents filed by CytoCore with the Securities and Exchange Commission. Actual results may
differ materially from CytoCores current expectation depending upon a number of factors affecting
the Companys business. These factors include, among others, risks and uncertainties detailed in
the Companys periodic public filings with the Securities and Exchange Commission, including but
not limited to the Companys Annual Report on Form 10-K for the year ended December 31, 2008.
Except as expressly required by law, CytoCore undertakes no obligation to publicly update or revise
any forward-looking statements contained herein.