Montclair, NJ , Jan. 10, 2018 (GLOBE NEWSWIRE) -- FluoroPharma Medical Inc. (OTCQB: FPMI) today announced it completed the buyback of convertible preferred and common shares held by Platinum Long Term Growth VII, LLC, which is currently undergoing a court ordered liquidation. The preferred shares were originally issued to Platinum in a private placement in 2013.
Assuming conversion of preferred shares and notes, the repurchased shares would represent approximately 20% of the Company’s common shares outstanding on a fully diluted basis.
FluoroPharma considers this a significant development, as it will allow the company to move forward with its recapitalization efforts, which were suspended over a year ago pending the outcome of this buyback transaction. The recapitalization efforts, if successful, will allow the company to move forward in an expeditious manner to restart clinical trials for both of its molecular imaging agents, CardioPET and BFPET, which are licensed from Massachusetts General Hospital. FluoroPharma believes these novel, proprietary PET imaging agents represent a breakthrough in the assessment of acute and chronic forms of heart disease.
The Company looks forward to engaging its shareholders actively during the recapitalization process.
About FluoroPharma Medical
FluoroPharma is a biopharmaceutical company engaged in the discovery and development of proprietary PET imaging products to evaluate cardiac disease at the cellular and molecular levels. The Company has licensed technology from the Massachusetts General Hospital in Boston. The Company's goal is to enable personalized medicine through precision diagnostics that will help the medical community diagnose disease more accurately at the earliest stages, leading to more effective treatment, management and better patient outcomes.
FluoroPharma's initial focus is the development of breakthrough PET imaging agents and the company is advancing two products in clinical trials for assessment of acute and chronic forms of heart disease. These novel agents have been designed to rapidly target myocardial cells. In addition to the United States, Europe and China, patents related to FluoroPharma's portfolio of imaging compounds have been issued in Japan, Canada, Australia and Mexico. For more information on the company, please visit: www.fluoropharma.com.
This press release consists of 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. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and actual results could differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.
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Media Contact: Carol Perlman FluoroPharma Medical, Inc. firstname.lastname@example.org Phone: (917) 592-9260
Source:FluoroPharma Medical, Inc.