SCHENECTADY, N.Y., Dec. 14 /PRNewswire-FirstCall/ -- CardioMag Imaging, Inc. ("CardioMag" or the "Company"), the developer of a new non-invasive Magnetocardiograph ("MCG") heart function visualization product for the cardiology community, announced today that its common stock has been admitted to trading on the AIM Market of the London Stock Exchange. In connection with its AIM admission, CardioMag raised approximately US $9.3 million in gross proceeds, pursuant to a placing of its common shares through its nominated advisor and broker, Williams de Broe. The proceeds of the placing after expenses will be used by the Company for working capital, including expansion of the Company's international marketing efforts and U.S. manufacturing. The market capitalization of the Company based on the issue price in the placing is approximately US $50.9 million.
The placing was made pursuant to an exemption from registration under U.S. securities laws pursuant to Regulation S thereunder. Pursuant to Regulation S, the shares issued in the placing may not be resold to U.S. Persons for one year following the placing.
The principal activities of CardioMag, which was incorporated in 1999, are the design, manufacture and sale of non-invasive MCG heart function diagnostic equipment. CardioMag's MCG system integrates Superconducting Quantum Interference Devices ("SQUIDS") with advanced software and hardware to form a new diagnostic technology, providing high quality functional information on the status of a patient's heart. The MCG system measures the magnetic fields generated by the heart's electrical activity, allowing a physician to identify abnormal cardiac conduction disturbances, including those created by the presence of coronary artery disease.
The Company currently has one market ready product, the CMI 2409 system, several of which are already installed in hospitals around the world, each incorporating a cryogenic container, sensors, sensor control and digital electronic hardware, a multi-position, non-magnetic patient bed, and related software and display equipment. A more advanced system, the CMI 2436, is currently at the prototype stage. The Company is also developing a CMI Research system for use by medical research laboratories for animal studies of heart disease.
For more details concerning CardioMag and its products, see its website at http://www.cardiomag.com.
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CardioMag Imaging, Inc.
CONTACT: Carl H. Rosner, President and CEO of CardioMag Imaging, Inc.,+1-518-381-1000, fax: +1-518-381-1101, firstname.lastname@example.org