NOVATO, Calif., May 9 /PRNewswire/ -- Diamics, Inc., a privately-held company developing products for cancer screening and diagnostics, has closed on its convertible debt financing, the last round before its expected $8 Million Series A equity funding. Included in the current round are high net worth individuals, both new investors and those who have previously helped fund the company. Many of the investors have already converted this convertible debt instrument into preferred stock in accordance with the investment terms.
“We are pleased to complete this financing led by both new and past investors,” said Peter Gombrich, CEO, Diamics. “This amount will allow us to complete the $2 million strategic investment now in process and help position Diamics for continued success. The company is already in discussions with other potential key customers for its CerCol(TM) and Pap-Map(TM) system which is presently being tested at several US sites.”
Diamics recently qualified the manufacture of the CerCol collector in China and the company’s representatives are close to completion of the CerCol and Pap-Map registration in that country. The handle and transfer station were designed and will be manufactured in California. This registration allows shipment to commence so that Diamics can recognize revenue from its recently signed $22 million contract with the Bejing Jingmin Hospital Group. It is expected that first revenues will be reported for the second quarter of this year. The use of the CerCol collectors and the accompanying Pap-Map technique is the first step in an agreement with the hospital group to purchase at least 1 million tests per year in support of the country’s focus on improving women’s health care.
About Diamics, Inc.
Diamics Inc. is a privately owned medical device and diagnostics company located in the San Francisco Bay Area. The company is committed to developing, manufacturing, and marketing cost effective, molecular-based cancer screening and diagnostic systems that will increase long-term cancer survival rates through early detection. Diamics’ management team has an extensive track record of success in the medical device and diagnostics industries. The company’s mission is twofold: to help medical personnel worldwide improve the lives of the people they treat and to generate a return on investment for its shareholders. For more information, please visit www.diamics.com .
Diamics, Inc.
CONTACT: Peter Gombrich of Diamics, +1-415-883-0414,pgombrich@diamics.com; or Jennifer Larson for Diamics, +1-415-409-2729,jlarson@labfive.com
Web site: http://www.diamics.com//
