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| 10-May-2000 |
Endovasc Signs $4.5 Million Funding Agreement
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MONTGOMERY, Texas--(BW
HealthWire)--May 10, 2000--Endovasc Ltd. Inc.(OTCBB:ENDV - news)
signed agreements with a group of investors in connection with a
private placement of $4.5 million of Endovasc's convertible
preferred stock in three installments of $1.5 million each, the
first of which has been successfully funded. The placement was
facilitated by the company's investment banking firm, J. P. Turner
& Co. of Atlanta.
Dr. David Summers, Endovasc's chairman and CEO, said, "We are
excited about the completion of our new financing endeavor. This
financing is a sign of confidence by the financial community in our
patented processes and will contribute greatly to Endovasc's product
development."
Patrick J. Power, managing director of the Investment Banking and
Institutional Services Department of J.P. Turner & Co., said,
"We believe that Endovasc's biopharmaceutical innovations have
significant long-term potential to alleviate human suffering in both
the heart and limb circulation areas."
Roy A. Robertson, vice president and general manager of Endovasc,
said the company will use a portion of the proceeds to begin the
next level of animal studies using the newly discovered "angiogenic"
growth agent, nicotine receptor agonist (NRA), in stimulating the
growth of new blood vessels in strategic areas of the body. The
company is now also able to commence its human clinical trials of
Liprostin™, the company's new liposomalprostaglandin treatment for
peripheral artery occlusive disease (PAOD).
"We are positioned to become a major player in the treatment of
cardiovascular disease," Mr. Robertson stated. "The
initiation of our critical limb ischemia trials in the near future
is the start of a series of new products and treatments for this
fast-growing $2 billion market." The company also stated that
it has a medicinal coated stent project in negotiation with two
biomedical device companies. This patented drug delivery system will
enable patients who have had angioplasty to head off reblockage of
the arteries, which is the most common side effect of the procedure.
Dr. Summers said that Stanford University School of Medicine's
discovery of a nicotine receptor agonist (NRA) that, when given in
harmless low doses, produces potent angiogenesis was recently
highlighted at the American College of Cardiology's annual meeting
in March in Anaheim, Calif., and was honored by the ACC. "It is
certainly serendipitous that the original research on nicotine
demonstrated such an unexpected and extraordinary benefit from this
product." The original research on mice is being expanded by
Stanford to include larger animals. The Stanford research has been
licensed by Endovasc on an exclusive worldwide basis.
Endovasc Ltd. Inc. is a biopharmaceutical company which recently met
all SEC reporting requirements to become listed on the NASD OTC
Bulletin Board. The company uses prostaglandin and other drugs,
which have already shown safety and efficacy in the generic form, in
the liposomal encapsulation treatment of vascular diseases of the
heart, limbs and critical areas of the circulatory system. The
company's products and processes are covered by patents and trade
secrets for competing in a $2 billion market.
The foregoing statements are made under the "Safe Harbor"
Private Securities Litigation Reform Act of 1995 and may contain
forward-looking statements that involve risks and uncertainties that
may not be evident at the time of this release.
CONTACTS:
Endovasc Ltd., Inc.
Barbara Richardson
Phone: 936/448-2222
Fax: 936/582-2250
e-mail: bjr@endovasc.com
or
The Dilenschneider Group
Dick Kosmicki
Phone: 212/922-0900
Fax: 212/922-0971
e-mail: rkosmicki@dgi-nyc.com
or
Matt Swetonic, 212/922-0900
mswetonic@dgi-nyc.com
Fax: 212/922-0971
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