News | August 02, 2007

Medipattern Announces Closing of $5.2 Million Financing Deal

August 3, 2007 - Medipattern Corp., a developer of computer-aided diagnosis (CAD) medical imaging software designed to detect cancer announced it has closed a deal with Research Capital Corp. issuing 4,730,000 common shares at a price of $1.10 per share for aggregate gross proceeds of $5,203,000.

Research Capital Corp. has an option, exercisable for a period of 30 days following the closing date, to purchase from the Company up to an additional 15 percent, or 709,500 common shares, for further gross proceeds of $780,450 to cover over-allotments and for market stabilization purposes. Research Capital Corporation also received a Compensation Option, exercisable for a period of 24 months following the closing date, to purchase up to an additional 283,800 common shares at $1.10 per share.

The Company intends to use the net proceeds of the offering for: commercialization of B-CAD-MRITM, for breast MR imaging; continued development of product extensions for B-CADTM for breast ultrasound imaging; filing a Pre Market Approval (PMA) with the Food and Drug Administration of the United States for the B-CAD technology; expanding Sales and Marketing initiatives, and general operating purposes.

For more information: www.medipattern.com

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