Vycor Medical Completes Initial Close of Equity Offering
04 January 2014 - 1:30AM
Marketwired
Vycor Medical Completes Initial Close of Equity Offering
BOCA RATON, FL--(Marketwired - Jan 3, 2014) - Vycor
Medical, Inc. ("Vycor" or the "Company") (OTCQB: VYCO) yesterday
completed the sale of $1,276,900 in Units comprising Common Stock
and Warrants (the "Units") to accredited investors (the
"Investors"). The Units were issued pursuant to the terms of
separate Stock Purchase Agreements between the Company and each of
the Investors. This sale is an initial closing (the "Initial
Closing") under a continuing offering (the "Offering").
Each Unit was priced at $1.80 and comprised one share of Common
Stock, a Series A Warrant to purchase 0.5 shares of Common Stock at
$2.05 per share and a Series B Warrant to purchase 0.5 shares of
Common Stock at $3.08 per share, both exercisable for a period of
three (3) years. A total of 709,398 shares of Common Stock and
Warrants to purchase 709,408 shares of the Company's Common Stock
were issued in the Initial Closing. The proceeds of the sale
of the Units will be used for working capital and general corporate
purposes.
Fountainhead Capital Partners Limited ("Fountainhead"), the
Company's largest shareholder with approximately 53% of the Common
Stock, is converting a total of $1,426,542 of accrued consulting
fees into an investment in Units under the Initial Closing, thereby
enabling the Company to further strengthen its balance sheet by
converting current liabilities into equity in the Company.
The securities offered in this private placement have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws.
Accordingly, the securities may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. The securities were offered only to accredited
investors.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company, nor
shall there be any sale of any securities of the Company where such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under applicable securities laws.
About Vycor Medical, Inc. With corporate headquarters in Boca
Raton, FL, Vycor Medical, Inc. ("Vycor") is a publicly traded
company (OTCQB: VYCO) dedicated to providing the medical community
with innovative and superior surgical and therapeutic solutions and
has a growing portfolio of FDA-cleared medical solutions that are
changing and improving lives every day. The Company operates two
business units: Vycor Medical and NovaVision, both of which adopt a
minimally or non-invasive approach. Both technologies have
exceptional sales growth potential, address large potential
markets, have the requisite regulatory approvals and are
commercialized and generating revenue.
Vycor Medical's flagship, ViewSite™ Surgical Access Systems
(VBAS) is a suite of clear cylindrical minimally invasive
disposable devices that hold the potential for speedier, safer and
more economical brain surgeries and a quicker patient
discharge. VBAS is designed to optimize neurosurgical site
access, reduce patient risk, accelerate recovery and add tangible
value to the professional medical community. Vycor Medical is ISO
13485:2003 compliant, has FDA 510(k) clearance for VBAS for brain
and spine surgeries and regulatory approvals for brain surgeries in
Australia, Canada, China, Europe, Japan, Korea and Russia. For an
overview of Vycor Medical's VBAS see
http://player.vimeo.com/video/39766887
NovaVision develops and provides science-driven neurostimulation
therapy and other medical technologies that help improve and
partially restore sight in patients with neurological vision
impairments. The company's proprietary Visual Restoration
Therapy® (VRT) platform is clinically supported to improve
lost vision resulting from stroke, traumatic brain injury ("TBI"),
or other acquired brain injuries. VRT is the only FDA 510(k)
cleared medical device in the U.S. aimed at the restoration of
vision for neurologically induced vision loss and can be prescribed
by any ophthalmologist, optometrist, neurologist or
physiatrist. VRT also has CE Marking for the EU. NovaVision
also provides Neuro-Eye Therapy (NeET) in the EU, aimed at
increasing visual sensitivity deep within the field defect.
NovaVision also provides a fully portable and ADA-compliant Head
Mounted Perimeter (HMP™) which aids in the detection and
measurement of visual field deficits. For an overview of NovaVision
see http://player.vimeo.com/video/39765566
For the latest information on the company, including media and
other coverage, and to learn more, please go online at
www.vycormedical.com or www.novavision.com.
Safe Harbor Statement
Information in this document constitute forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words "forecast",
"anticipate", "estimate", "project", "intend", "expect", "should",
"believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
involve, and are subject to known and unknown risks, uncertainties
and other factors which could cause Vycor Medical's actual results,
performance (financial or operating) or achievements to differ from
the future results, performance (financial or operating) or
achievements expressed or implied by such forward-looking
statements. The risks, uncertainties and other factors are more
fully discussed in Vycor Medical's filings with the U.S. Securities
and Exchange Commission. All forward-looking statements
attributable to Vycor Medical herein are expressly qualified in
their entirety by the above-mentioned cautionary statement. Vycor
Medical disclaims any obligation to update forward-looking
statements contained in this estimate, except as may be required by
law.
Vycor Medical, Inc Investor Contacts: The Del Mar Consulting
Group, Inc. Robert B. Prag President 858-794-9500 Email Contact or
Alex Partners, LLC Scott Wilfong President 425- 242-0891 Email
Contact
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