JERUSALEM, April 11, 2011 /PRNewswire-FirstCall/ --
- Company has Successfully Passed Due Diligence Stage
- Letter of Intent Recently Signed With Investor Managed by Roswell Capital Partners
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company intends to sign a final agreement to receive a $5,000,000 equity investment. Closing documents will be initiated within the next three to four days.
Medisafe 1 Technologies recently signed a Letter of Intent to secure a $5,000,000 Equity Funding Facility with Centurion Private Equity, LLC ("Centurion"), an institutional investor managed by Roswell Capital Partners, LLC. Medisafe 1 Technologies has successfully passed the requisite stage of due diligence by Centurion.
Medisafe 1 Technologies intends to use the funding facility to fund ongoing research and development, and to support general corporate purposes.
Upon closing of the agreement, Centurion will be committed to purchase for cash consideration, subject to certain conditions and limitations described in the agreement, up to an aggregate of $5,000,000 of Medisafe 1 Technologies' common stock. Under the Equity Funding Facility, Medisafe 1 Technologies may, at its discretion, periodically sell to Centurion shares of Medisafe 1 Technologies' common stock at a price based upon the market price (as defined in the agreement) of Medisafe 1 Technologies' common stock.
"Through this infusion of funding, Medisafe 1 Technologies will be able to advance rapid efforts to commercialize our life saving devices that prevent the incorrect administration of medicines and transfusions," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "Additional capital will enable the ongoing development of worldwide business activities, and the initiation of pilot programs in hospitals and medical clinics across the world."
Roswell Capital Partners, LLC is a fund management company focused on private equity investments in small-cap publicly traded securities. Since 1994, its members have served in the Private Equity Markets as the Principal or Investment Banker for over 125 public companies including several biotechnology companies such as Celgene, and Peregrine Pharmaceuticals
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. public filings may be viewed at http://www.sec.gov.
Contact: CFO, Asher Zwebner [email protected] +972-54-464-6363
SOURCE Medisafe 1 Technologies Corp.