Southridge Partners II enters into $10 million equity purchase agreement with TechniScan for clinical studies of emerging breast cancer diagnostic technology
January 28, 2011
RIDGEFIELD, CT – Stephen Hicks, Chairman and CEO of Southridge, LLC (“Southridge”), today announced that Southridge Partners II, an institutional investor, has entered into a $10 million equity purchase agreement with TechniScan, Inc. (OTC BB: TSNI), a medical device company engaged in the development and commercialization of an automated 3D breast ultrasound imaging system.
We are excited to be TechniScan’s equity investor in this major phase of developing better breast cancer diagnostics,” said Mr. Hicks. “Southridge is committed to working with TechniScan in the vital research of this emerging technology.”
Pursuant to a purchase agreement, TechniScan has the right, at its discretion, to sell to Southridge up to $10 million of its common stock over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the purchase agreement.
“We are pleased to have secured this equity agreement with Southridge, a forward thinking institutional investor that provides future flexibility in capital raising,” said Dave Robinson, chief executive officer of TechniScan. “We plan to use the proceeds, as needed from the agreement, to support our clinical studies of Warm Bath Ultrasound breast imaging technology.”
About Southridge, LLC
Southridge LLC is a diversified financial holding company offering a wide range of products and services, including Fund Management, Investment Banking, Merchant Banking, Wealth Management and Business Solutions.
About TechniScan
TechniScan, Inc. is a medical device company engaged in the development and commercialization of a non-invasive imaging tool designed to provide physicians with automated ultrasound images of the human breast. TechniScan’s WBU(TM) imaging device is limited by U.S. law to investigational use unless, and until, cleared by the FDA. For more information, please visit www.tsni.com.
