One company that is on the rise is CytoCore Inc. Located in Chicago, IL, CytoCore has made a name for themselves as a company that provides effective treatment for various forms of cancer. CytoCore is known for discovering cancer in an early stage and providing cost-effective relief to their patients. Today, CytoCore took a major step towards enhancing their future with the announcement that NeoMed Management has taken a 6.3% investment in the young company.
NeoMed is a recognized investment firm with a global reach. With four established funds and total capital exceeding $200 million, NeoMed is exclusively focused on the healthcare and life science industry. With NeoMed making an investment in CytoCore, the young Chicago-based company has a very bright future and established credibility.
Details of the investment have NeoMed agreeing to accept 2,658,800 restricted shares of CytoCore valued at $0.50 a share. NeoMed will also receive 217,000 warrants with an exercise price of $0.50 per share.
When asked what led NeoMed to make such a large investment in CytoCore, Erik Amble who serves as the Managing Partner of NeoMed stated, “Since 2001, we have been intrigued by the potential of CytoCore’s innovative technologies and products and the large markets these technologies and products address.”
Leading the way at CytoCore is Robert F. McCullough Jr. who serves as CEO of the company. When asked what affect this investment will have on the future of CytoCore, McCollough Jr. was quoted as saying, “We are happy to settle all outstanding issues and reduce our liabilities by $1,329,400 related to the previously issued notes and accrued interest. We also are happy to utilize NeoMed’s network and expertise with regard to the development of young companies’ growth prospects in addressing inadequately served medical needs as we develop and implement `CytoCore Solutions’.”
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