Message #12 From:
Stock News Bot Date: October 11, 2006 05:00:00 AM
MDSC News Infotonics/Mediscience Announce Funding and Development Agreement
CHERRY HILL, N.J.--(BUSINESS WIRE)--Mediscience Technology Corp.(MTC) (OTC:MDSC) has agreed to provide
$10,000 per month of seed funding beginning October 2, 2006, for a
period of up to five months, to equity partner Infotonics Technology
Center, Inc. of Rochester New York to accelerate joint progress towards
commercialization of (MTC) Optical Biopsy Pill through a "Newco" (NYS)
subsidiary of (MTC) . Infotonics will use this initial Funding to hire
and assign a full-time Commercialization Program Manage (CTO) to
continue and accelerate Infotonics' efforts on behalf on (MTC) to
achieve product commercialization success.
(MTC) has additionally contracted commercialization responsibility and
oversight of its photonics technology IP platform to Infotonics who will
develop the (MTC) Optical Fluorescence IP platform via two initial
advanced medical products, the Optical Biopsy Pill (OBP) and the CD
Ratiometer (CDR).
The parties expect that within this five months period, funding from a
(NYSTAR) grant award of $750,000 applied for by Infotonics plus, on
satisfactory completion of (MTC) due diligence, the receipt by "Newco"
of an initial $2-3M of bridge funding from Empire Financial Group Inc
NY, should become available to continue the commercialization program.
(MTC) CEO Peter Katevatis Esq. says, "The relationship with equity
partner Infotonics is synergistic and strategic, leveraging Infotonics
Nano-Technology and Micro-System capabilities and broad resources to
provide (MTC) with an exceptional state of the art advantage, over
competitors." (see below Syracuse May 24, 2006 and CityGroup Oct -1-2004
Reports). This agreement places (MTC) proprietary non-invasive imaging
technology for molecular detection of cancer and physiological change in
the commercialization stage/track. We intend, with Infotonics
assistance, to use the "Newco" net proceeds of the Empire FinancialGroup
NY proposed $5 to $10M Firm commitment in the form of an Initial Public
Offering to fund the commercialization of our Optical Biopsy Pill (OBP)
and the CD Ratiometer (CDR)".
EMPIRE FINANCIAL GROUP
Empire Financial is a NASD registered broker dealer approved to provide
a broad range of securities services to investors and institutions in
all 50 states. The company's home office is located in Longwood, FL.
Infotonics Technology Center Inc.
Infotonics is a consortium whose founding participants include Corning,
Inc., Eastman Kodak Company, and Xerox Corporation, a not-for-profit
corporation that operates New York State's Center of Excellence in
Photonics and Microsystems.
New York State Office of Science, Technology and Academic Research
Key goals are: Spur economic development in New York State through
academic research;Coordinate and organize New York's wide array of
science and technology informational resources and provide our academic,
business, and research communities access to these resources
About Mediscience Technology Corp.
Mediscience Technology Corporation and subsidiary "Newco" are engaged
in the design, development and commercialization of medical devices that
detect cancer and physiological change using frequencies of light that
are emitted, scattered and absorbed to distinguish malignant,
precancerous, or benign tissues from normal tissues.
Mediscience's exclusive protected non-invasive technology combines
the advantages of real-time results with enhanced diagnostic sensitivity
and specificity compared with other methods of cancer detection.
Investor Notice
Certain of the matters discussed in this announcement contain
forward-looking statements that involve material risks and uncertainties
including market conditions and FDA filings and/or approvals, which are
required before the Camera Pill or the CD Ratiometer can be sold or
licensed for use in the United States. This press release is intended to
comply with Rule 135c promulgated under the Securities Act of 1933.
(Submitted in full compliance with sections 8-K 1.01 and 2.01 re:
"materiality" as applicable and in fulfillment of SEC Section 6, 6.01
Regulation (FD) Full Disclosure, and Section 7 and 7.0 as well as all
applicable and presently effective Sarbanes-Oxley disclosure
requirements under Regulation G.
8-K filing dated October 10, 2006
8-K filing Syracuse Univ. May 24, 2006 72 Pg Report
CityGroup/Smith Barney Report 10-1-2004 by Peter Bye. Page 20
