CHICAGO, April 5, 2004 (PRIMEZONE) -- Molecular Diagnostics, Inc. (OTCBB:MCDG) ("MDI") announced today that it has received a $1.5 million investment transacted by Bathgate Capital Partners, LLC of Denver, Colorado. This is the second component of funding that is earmarked for the restructuring being undertaken by the company. The majority of the investment was directed specifically for the retirement of a $1 million senior secured obligation collateralized by the Company's intellectual property. The balance of the investment is committed as capital to be used for the restructuring.
According to Denis M. O'Donnell M.D., MDI's CEO, "We are pleased to be able to announce this financing, and retirement of this senior note holder's debt. We can now focus on raising the additional capital required for the restructuring of our balance sheet and the completion of our clinical trial of the InPath System" Dr. O'Donnell added. "The continued support of our existing shareholders, as well as the obvious level of confidence in our success as indicated by Bathgate Capital Partner's investors, is another testament to the soundness of our business strategy, and the performance of the InPath System."
About Molecular Diagnostics, Inc.
Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.
More information is available at: www.Molecular-Dx.com
Certain statements in this release are forward-looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(tm) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from Molecular Diagnostic's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 and its Quarterly Report on Form 10-QSB for the quarter ended September 30, 2003. Except as expressly required by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.