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Xenomics Closes $2.77 Million Financing to Accelerate Development of Risk-Free Noninvasive Medical Testing Technology
Xenomics, Inc. (OTCBB:XNOM), a developer of next-generation medical DNA technologies, announced today the closing of a private placement totaling $2.77 million, whose proceeds will help to fund the Company's efforts to develop advanced medical diagnostic tests for a range of diseases and genetic conditions, and to fund preparations toward product regulatory approval and commercialization.
Xenomics is developing a groundbreaking new class of safe, noninvasive and highly accurate diagnostic tests based on its proprietary Transrenal-DNA (Tr-DNA) technology platform.
"This financing will reinforce and sustain Xenomics' innovative program to develop and deliver improved medical diagnostic tests based on our proprietary Transrenal-DNA technology," said Dr. Randy White, CEO of Xenomics. "We believe that our proprietary Transrenal-DNA diagnostic platform technology will provide a new, higher level of healthcare industry standards for the improved detection of HIV, tuberculosis, malaria, Down syndrome and many other conditions."
The latest financing follows two previous financings that Xenomics has closed this year. In April, the Company closed the second traunche of a two-traunche financing that raised a total of approximately $6 million for Xenomics' R&D efforts through 2006. Dr. White noted, "Based on the proceeds from those financings, our capital resources were sufficient to carry Xenomics' R&D operations through to the end of next year," said Dr. White. "The latest funding enables us to accelerate our efforts to develop Tr-DNA diagnostic tests for an increasingly broad range of applications."
The total raised from the private placement was $2,771,000. As part of the transaction, Xenomics sold 277,100 shares of Series A Convertible Preferred Stock, which is convertible to common stock at $2.15 per share. In addition, investors received 386,651 warrants to purchase common stock at $3.25 per share exercisable anytime within 5 years. Xenomics also paid selling commissions of $226,680 and issued 105,432 warrants to selling agents to purchase common stock at an exercise price of $3.25 per share.
Xenomics' non-invasive Transrenal-DNA (Tr-DNA) technology uses simple, easily obtained urine samples to diagnose disease and genetic health conditions. The Company's proprietary Tr-DNA technology involves the analysis of fragments of DNA that have moved from the blood stream through the kidneys, where they accumulate in urine. Xenomics' scientists were the first to detect this DNA material in urine samples. Most existing medical DNA diagnostic tests use blood or tissue samples from more invasive tissue biopsies, which are more difficult to obtain. In ongoing studies, many of the prototype Xenomics tests under development have demonstrated or are expected to provide a number of advantages over currently available medical technology, including diagnostic accuracy, lower cost, greater ease-of-use, and significantly earlier detection capabilities.
Other important advantages of Xenomics' Tr-DNA diagnostic testing technology include safety for both patients and medical professionals. The urine specimens used in Tr-DNA tests are safer and simpler to collect than blood samples, because blood is potentially infectious and widely considered to be a biological hazard to patients and healthcare workers, whereas urine is not.
The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to the effectiveness of a registration statement or an applicable exemption from the registration requirements of the Securities Act. Xenomics has agreed to file a registration statement covering resale of the shares of common stock underlying the preferred stock and warrants by the private placement investors. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities.
Xenomics Executes Definitive Agreement with Italy's National Institute for Infectious Disease for ``SpaXen'' R&D Venture; SpaXen to Lead Research on Xenomics' Platform Technology for Detection of HIV, Malaria, Tuberculosis and Other Infectious Diseases
Xenomics, Inc. (OTCBB:XNOM), a developer of next-generation medical DNA technologies, has finalized a definitive research and development agreement with the Lazzaro Spallanzani Institute -- Italy's National Institute for Infectious Diseases -- a respected medical facility that specializes in the science and treatment of serious infectious diseases. Previously, Xenomics and Spallanzani created an entity known as SpaXen in a joint venture that is intended to lead research into the application of Xenomics proprietary diagnostic technology for the detection of infectious disease.
"We are pleased that this joint effort between Xenomics and Spallanzani has evolved so effectively and has had so much early success with this new technology platform," said Dr. L. David Tomei, President of SpaXen and a co-founder of Xenomics. "With this definitive agreement, plans to move forward with diagnostics product development at Xenomics can be accelerated."
The newly signed definitive agreement comprehensively defines terms of the relationship among Xenomics, Spallanzani and SpaXen. These terms include licensing of Xenomics technology, running royalties from sales by the various entities, and other central scientific and business aspects of the venture. SpaXen is leading research and development into use of Xenomics' Transrenal-DNA diagnostic technology in the areas of infectious diseases, such as HIV/AIDS, tuberculosis, malaria, Leishmaniasis, and other illnesses.
"We are delighted with the rapid progress made by the scientists at SpaXen in collaboration with Xenomics' scientific group headed by Dr. Samuil Umansky," said Dr. Randy White, Xenomics CEO. "This definitive agreement extends the successful collaboration between our organizations, combining Spallanzani's world-class experience in infectious disease with Xenomics' knowledge and technology in disease diagnostics."
In 1996, the Italian Ministries of Health and Research named the Spallanzani Institute as the National Institute for Infectious Disease in recognition of their reputation as an international center for excellence in health care and medical research.
The research at SpaXen has led to the filing of several U.S. and international patents demonstrating the ability of Xenomics' Tr-DNA platform technology to diagnose a broad range of bacterial, viral and parasite-generated infectious diseases.
As President Bush Urges $1.2 Billion in Aid to Battle Malaria in Africa, Xenomics Proprietary Technology Offers Help
BiomedDiscoveries.com Presents Interview with International Health Care Expert on Potential of Xenomics' Medical Diagnostic Solutions
LOS ANGELES, July 7, 2005 (PRIMEZONE) -- BiomedDiscoveries.com, http://www.BiomedDiscoveries.com, the online source for exclusive investor information in the biotechnology sector, has announced the availability of a new Q&A interview with Dr. Enrico Girardi, one of the foremost soldiers in the global fight to defeat malaria. Dr. Girardi discussed efforts by Xenomics Inc. (OTCBB:XNOM), a developer of next-generation medical DNA technologies, to develop significant new solutions to help fight the deadly disease malaria.
President Bush recently urged a major new initiative to aid Africa, which included $1.2 billion specifically to help reduce the toll of malaria. President Bush outlined his proposals in an address June 30, 2005, the text of which can be read on this site. Malaria threatens hundreds of millions of people in Africa and worldwide, and kills millions each year, the majority of them children under five.
"The toll of malaria is even more tragic because the disease, itself, is highly treatable and preventable, President Bush said. "Yet this is also our opportunity, because we know that large-scale action can defeat this disease in whole regions." The full text of the President's speech can be read on the BiomedDiscoveries.com website.
Dr. Girardi conducts pioneering clinical research at the National Institute for Infectious Diseases in Rome, Italy, where he works with Xenomics to help develop new diagnostic tests to detect malaria and assist in its treatment. Xenomics groundbreaking non-invasive medical diagnostic technology is based on the detection of Transrenal-DNA (Tr-DNA), particles of genetic material that are eliminated in the urine. Xenomics is developing medical tests that use Tr-DNA to diagnose a range of diseases and genetic conditions, with uniquely high degrees of accuracy, and at very early stages.
"The problem is malaria is far more effectively treated and cured at the first stage of infection, yet there is no early-stage diagnostic test currently available on the market," Dr. Girardi said. "So, Xenomics is developing a tool for accurate detection at an early stage of the infection, so that the disease can be effectively treated."
To read the interview, please visit http://www.BiomedDiscoveries.com.
Xenomics Inc Featured in Updated Research Report on Beacon Equity Research Regarding Work in HIV and Infectious Disease Diagnostics
DALLAS, June 29, 2005 (PRIMEZONE) -- A new research note on Xenomics Inc (OTCBB:XNOM) has been released on Beacon Equity Research. The report is written by Senior Analyst, Shailesh Dhuri, CFA.
In the report, Mr. Dhuri writes, "Xenomics Inc is an early stage molecular diagnostic company that has developed a patented Transrenal DNA (Tr-DNA -- residual DNA in urine) technology to test urine specimens for genetic analyses. The Company's objective is simply to change the dynamics of the medical diagnostics industry by creating a new class of wholly non-invasive urine tests that can provide the same or far more powerful diagnostic information than existing diagnostics that use blood or tissue. It has already acquired an impressive patent portfolio to aggressively launch itself as a low cost alternative to blood tests.
"The Company believes that its Tr-DNA technology platform will enable more sensitive, accurate and affordable testing methods that can be conducted on simple urine samples, to create a wide range of biomedical applications, including prenatal tests for fetal genetic abnormalities, and for infectious diseases such as HIV, TB and other parasitic infections."
The report may be viewed in its entirety by visiting: http://BeaconEquityResearch.com
Registration is free.
Beacon Equity Research, LLC is a fee-based, comprehensive investment research firm, focusing primarily on the underserved small-cap sector. All Beacon analysts are seasoned industry professionals and adhere to the CFA Institute's (CFAI) stringent ethics and standards of practice guidelines. Beacon Research does not have any investment banking relationships with any of the companies covered. All analysts are compensated prior to performing their investment research and are not compensated in any way based on the future performance of the equities they follow.
Both Beacon Equity Research and Investrend subscribe to the "Standards for Independent Research Providers" at http://www.firstresearchconsortium.com. Beacon Research has been compensated a total of $18,000 by Xenomics, Inc. for a one-year enrollment in its research program.
Forward-Looking Statements
Certain statements made in this press release are forward looking. Such statements are indicated by words such as "expect," "might," "should," "anticipate" and similar words indicating uncertainty in facts and figures. Although Xenomics believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to be correct. As discussed in the periodic reports of Xenomics, as filed with the Securities and Exchange Commission, actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: uncertainties associated with product development, the risk that Xenomics will not obtain approval to market its products, the risk that Xenomics' technology will not gain market acceptance, the risks associated with dependence upon key personnel, and the need for additional financing.
CONTACT: Beacon Equity Research
Jeff Bishop, Editor
469-252-3035
editor@beaconequityresearch.com
www.beaconequityresearch.com
