Mediscience plans private placement for up to $10 million

By Sheri Kasprzak

New York, Sept. 6 - Mediscience Technology Corp. said it is putting together a private placement for up to $10 million and at least $6 million.

The company has already retained a U.S.-based investment bank as placement agent for the offering, which is expected to begin in the fourth calendar quarter of 2005, according to a statement from the company.

The proceeds from the proposed offering will be used to fund the development of Mediscience's ingestible optical biopsy pill. The rest will be used for general corporate purposes.

Based in Cherry Hill, N.J., Mediscience is a medical device company focused on products that detect cancer.

The company's stock closed unchanged at $0.44 Tuesday.

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