BOSTON, June 23, 2011 /PRNewswire/ -- FluoroPharma Medical (OTC.BB: FPMI) announced it has received subscriptions from select accredited investors for gross proceeds of $1.6 million in a private placement offering. The proceeds from this financing together with the previously announced financing in May 2011 aggregates $5.3 million. The Company intends to use the proceeds of the offering for working capital purposes.
"We are pleased that we can continue to fund the advancement of our portfolio of compounds," said Thijs Spoor, FluoroPharma's Chief Executive Officer. "This step will allow the company to significantly advance its clinical development." Dr. David Elmaleh, Chairman of the Board of Directors and the inventor of the technology added, "the company has previously reached significant milestones and we expect to continue to focus our efforts on executing FluoroPharma's strategic plan."
Noble Capital Markets acted as placement agent and Sichenzia Ross Friedman and Ference acted as counsel on the transaction.
The securities offered in this financing transaction have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to qualified accredited investors. The Company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares and the shares of common stock issuable upon exercise of the warrants. Any offering of the Company's securities under the resale registration statement referred to above will be made only by means of a prospectus.
This release does not constitute an offer to sell or the solicitation of