SAN DIEGO, June 21, 2007 (PRIME NEWSWIRE) -- MicroIslet, Inc. (OTCBB:MIIS), a biotechnology company engaged in the development and commercialization of patented technologies in transplantation therapy for people with insulin-dependent diabetes, announced today that it has entered into an agreement for the sale of common stock to accredited investors for gross proceeds of approximately $1 million. The company has agreed to sell an aggregate of approximately 2.6 million shares and to issue to the investors warrants to purchase an aggregate of approximately 1.3 million shares. The warrants have an exercise price of $0.60 per share and are exercisable for a period of 5 years commencing in one year. The company expects to use the proceeds of the financing for working capital purposes.
