POINT Biomedical Corporation First Tranche of $50 Million in Equity Financing

SAN CARLOS, Calif.--(BUSINESS WIRE)--POINT Biomedical Corp. announced today that it closed $25 million, the first tranche of a $50 million private equity financing led by Vedanta Capital LLC. POINT expects to draw the second tranche in the second quarter of 2008, upon the achievement of certain milestones. The company will use the proceeds to complete the clinical development of its lead product, CARDIOsphere® (PB127). Larry Posner, MD, Vedanta Partner said, “CARDIOsphere has the potential to allow patients to undergo evaluation for coronary artery disease in a cardiologist’s office without the radiation exposure of currently available perfusion technologies.”