FluoroPharma Announces Aggregate of $7M Capital Raise in 2011
Funding Accelerates Pipeline of Breakthrough Diagnostic Imaging Agents, Advancing Company's Focus on Importance of Earliest Possible Diagnosis of Disease - Even Before Symptoms Appear
BOSTON, Dec. 20, 2011 (GLOBE NEWSWIRE) -- FluoroPharma Medical, Inc. (OTCBB:FPMI), a company specializing in the development of breakthrough diagnostic imaging products that utilize positron emission tomography (PET) technology to detect and assess pathology before clinical manifestation of diseases, announced today that they have secured an additional $1.010 million, bringing the total to more than $7million over the course of 2011 from institutional and accredited investors.
"We are excited by the opportunities this additional working capital creates for FluoroPharma to significantly accelerate development of our pipeline," said Thijs Spoor, FluoroPharma's President and CEO. "The funding will allow us to further advance our most promising portfolio of diagnostic imaging products, providing healthcare professionals with new products that expand and improve their diagnostic capabilities and contribute to earlier, more accurate diagnosis and treatment of disease-- even before symptoms appear." Dr. David Elmaleh, Chairman of FluoroPharma's Board of Directors added, "We are pleased that we have the resources to advance our clinical plans and achieve significant development milestones."
Further details about the additional funds raised are available in the company's most recent 8k which was filed with the SEC today.
About FluoroPharma Medical
FluoroPharma is a biopharmaceutical company engaged in the discovery and development of proprietary PET imaging products to evaluate disease at the cellular and molecular levels. The Company has licensed technology from the Massachusetts General Hospital in Boston. FluoroPharma's goal is to enable personalized medicine through advanced imaging products that will help the medical community diagnose disease more accurately at the earliest stages, leading to more effective treatment, management and better patient outcomes.
The Company's initial focus is the development of breakthrough positron emission tomography (PET) imaging agents for the efficient detection and assessment of acute and chronic forms of coronary artery disease (CAD). FluoroPharma is advancing two products in clinical trials for assessment of acute and chronic forms of coronary disease. These first in class agents have been designed to rapidly target myocardial cells. Other products in development include agents for detection of inflamed atherosclerotic plaque in peripheral arteries, agents with the potential to image Alzheimer's disease and agents that could potentially be used for imaging specific cancers.
For more information on the Company, please visit: www.fluoropharma.com.
Except for historical information contained herein, the statements in this release are forward-looking. 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.
CONTACT: Media: Carol Perlman firstname.lastname@example.org 917-592-9260 Investor Relations: LHA Kim Sutton Golodetz email@example.com 212-838-4568Source: FluoroPharma Medical, Inc.