SCHOFIELD, Wis., July 20, 2010 (GLOBE NEWSWIRE) -- PuraMed BioScience, Inc. (OTCBB:PMBS) Chairman and CEO Russell Mitchell writes to shareholders as follows:
To Our Shareholders:
In recent months, PuraMed BioScience is pleased that it has made significant progress towards achieving many of our business objectives. I would like to highlight some of our latest developments in this letter.
We are currently looking to build upon our direct response marketing campaign featuring LipiGesic™ M. We have recently been researching additional direct response campaigns using a print advertising format that could work effectively in conjunction with our television broadcast campaign in order to reach as many consumers as possible to raise awareness of LipiGesic™ M before we embark on a retail market launch.
Among our near-term goals was obtaining funding that would allow us flexibility in utilizing funds where necessary to further our efforts, including launching LipiGesic™ M to a national retail market and conducting research and development for our planned new products. As reported in a press release on June 1, 2010, we entered into a purchase agreement with Lincoln Park Capital Fund, LLC (LPC) whereby we have the right at our discretion to sell up to an additional $4.9 million of our common stock over a 30-month period provided that a registration statement related to the transaction has been declared effective by the U.S. Securities & Exchange Commission (SEC). The registration statement relating to the LPC deal became effective July 8, 2010.
We now have increased flexibility to opportunistically raise capital from time to time on an as needed basis. This additional financial strength will help us continue to build upon our current business strategy to promote our LipiGesic™ M migraine product. A more detailed description of the LPC agreement is set forth in our report on Form 8-K recently filed with the SEC.
As recently announced in a press release on July 6, 2010, a clinical study of LipiGesic™ M has been completed. We now look forward to potential publication of the results, which would generate awareness of the product's efficacy and explain how it should be properly used and even new labeling opportunities. In addition, publication of these results from our clinical study could likely also increase product visibility to both the medical community and the general public.
As the above milestones have been achieved and as we continue our work, we are still closely following our anticipated schedule to commence our commercial retail introduction by the end of third quarter of calendar year 2010.
We thank you for your continued support, and look forward to sharing with you our next developments in achieving our business objectives to make PuraMed BioScience a trusted leader in the manufacturing of non-prescription medications and health aids.
Regards,
Russell Mitchell
Chairman and CEO
PuraMed BioScience, Inc.
About the PuraMed BioScience, Inc.:
PuraMed BioScience, Inc. engages in the research, development and marketing of non-prescription medicinal and healthcare products. In addition to its leading product LipiGesic™ M, which provides acute relief from migraine headaches; the Company also has plans to launch LipiGesic™ PM that provides a remedy for insomnia and other sleep disorders as well as LipiGesic™ H for common tension headaches. For more information on PuraMed, visit the Company website at www.PuraMedBioScience.com, join the Company's group page on Facebook by searching "PuraMed BioScience" and follow the Company on Twitter at www.twitter.com/puramed.
Forward Looking Statements: This news release contains forward-looking statements regarding PuraMed BioScience and its future business plans, which statements involve known and unknown risks and uncertainties. Such risks and uncertainties may cause actual results and future achievements of PuraMed BioScience to be materially different than those implied by these forward-looking statements. PuraMed BioScience has and undertakes no obligation to provide public updates and revisions to these forward-looking statements to reflect any changes in its expectations of future events.