By Sheri Kasprzak
New York, May 7 - AMDL, Inc. completed a private placement for $3,789,502.
The company issued 1,443,620 units at $2.625 each.
The units include one share and one half-share warrant. Each whole warrant is exercisable at $3.86 for three and a half years.
Galileo Asset Management, SA was the placement agent for the deal.
The company intends to sell a total of 2 million units in the deal.
Proceeds will be used for working capital to develop the company's Jade Pharmaceutical Inc. business. The rest will be used for product development in China and for the approval of the company's DR-70 product in Asia and the United States.
Based in Tustin, Calif., AMDL develops tests for the early detection of cancer and other serious diseases.
| Issuer: | AMDL, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $3,789,502
|
| Units: | 1,443,620
|
| Price: | $2.625
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three and a half years
|
| Warrant strike price: | $3.86
|
| Placement agent: | Galileo Asset Management, SA
|
| Settlement date: | May 4
|
| Stock symbol: | Amex: ADL
|
| Stock price: | $3.19 at close May 4
|
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