LONDON, Oct. 31 /PRNewswire-FirstCall/ -- Medicsight, Inc. , a leading developer of computer-aided detection (CAD) technologies and software, announced today on October 27, 2005, the Company completed a sale of 1,875,000 shares of its common stock at $4.00 per share as part of a private placement pursuant to an exemption from registration under Regulation S promulgated under the Securities Act of 1933. The transaction raised $7,500,000, which will be used to fund the Company’s CAD software product initiatives, ongoing operations and the acquisition of property and equipment at its majority-owned subsidiary, Medicsight PLC.
As part of the placement Mr. Tim Paterson-Brown, Chief Executive Officer and Director of Medicsight, Inc., acquired 250,000 shares of Medicsight, Inc. common stock at $4.00 per share for a total investment of $1,000,000.
Tim Paterson-Brown, Medicsight, Inc. Chief Executive Officer, commented, “We are pleased with the completion of this private financing, which allows for the continued development and commercialization of our proprietary CAD software and places the Company on a more robust financial footing. The increase in my personal stake in the Company demonstrates my confidence that we will meet our long term growth objectives.”
About Medicsight
Medicsight develops enterprise-wide computer-aided detection (CAD) software that is used by the medical imaging market to aid in earlier detection of disease. Tested on one of the world’s largest databases of verified CT scan data, Medicsight’s software solutions help clinicians identify, measure, and analyze suspicious pathology, such as colorectal polyps and lung lesions. The company’s CAD products include ColonCAD API, the first CAD technology available for CT colonography, and LungCAD API. Both products allow for a concurrent read that lets clinicians to review the original image simultaneously with the Medicsight CAD findings, which results in improved workflow and productivity. Medicsight continues to develop CAD software for a variety of disease states that can help in the early detection of disease and ultimately improve patient outcomes. Headquartered in London, Medicsight employs more than 60 people and also has offices in the United States, Japan, China, and Gibraltar. Product and company information can be found on www.medicsight.com. Stock symbol: OTCBB:MSHT
All forward-looking statements are made pursuant to the ‘safe harbor’ provisions of the Private Securities litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in company filings with the Securities and Exchange Commission.
Contacts: Medicsight The Ruth Group (investors) David Mason, Stephanie Carrington, 646-536-7017 CEO, Medicsight USA Nick Laudico, 646-536-7030 615-665-9007
Medicsight, Inc.
CONTACT: David Mason, CEO, Medicsight USA, +1-615-665-9007; or Investors -Stephanie Carrington, +1-646-536-7017, or Nick Laudico, +1-646-536-7030,both of The Ruth Group, for Medicsight USA
