BOSTON, May 18, 2011 /PRNewswire/ -- FluoroPharma Medical (OTC.BB: CEWM) announced that it has completed a merger transaction with Commercial E Waste Management (CEWM). Effective as of the closing of the transaction, FluoroPharma became a wholly-owned subsidiary of CEWM. The newly combined, publicly traded company was renamed FluoroPharma Medical, Inc. and the principal business operations of the company going forward will be FluoroPharma's PET imaging product development. Additionally, immediately after the closing of the merger, FluoroPharma Medical completed a capital raising transaction through the placement of $3.5 million in stock. FluoroPharma anticipates adopting a new ticker symbol on the OTC Bulletin Board in the near future.
"This merger and capital infusion provide FluoroPharma with the resources to advance the clinical development of our promising PET imaging agents for acute and chronic coronary disease and novel Alzheimer preclinical tracers," commented Thijs Spoor, FluoroPharma's Chief Executive Officer.
Dr. David Elmaleh, Chairman of the Board of Directors and the inventor of the Company's imaging technology added, "FluoroPharma was founded to improve patient care based on proprietary insights into evaluating disease on the cellular and molecular levels. We have successfully translated these scientific insights into data from clinical trials in two separate cardiac imaging indications and now look forward to taking the next steps in the development of these agents."
Additional information about the merger, capital raise transaction and FluoroPharma, can be found in FluoroPharma's Current Report on Form 8-K which was filed with the Securities and Exchange Commission on May 16, 2011.
About FluoroPharma Medical
FluoroPharma is a biopharmaceutical company engaged in the discovery and development of proprietary PET imaging products designed to improve patient management by evaluating cardiac disease at