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 the cellular and molecular levels. FluoroPharma is advancing two products in clinical trials for assessment of acute and chronic forms of coronary disease. These agents have been designed to rapidly target myocardial cell activity and inflamed plaques within the coronary arteries.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward looking statements in this news release include statements regarding FluoroPharma's research and development activities and anticipated operating results. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the Food and Drug Administration, the introduction of competing products, or management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in FluoroPharma's filings with the United States Securities and Exchange Commission. FluoroPharma undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.