TORONTO, ONTARIO--(Marketwire - Aug. 11, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Medifocus Inc. ("Medifocus"or the "Company")(TSX VENTURE:MFS)(OTCQX:MDFZF) announces that it has completed its previously announced private placement offering of 1,000,000 common shares (the "Shares") at a price of $0.30 per Share for gross proceeds of $1,000,000. Shares issued in connection with the private placement will have a hold period in Canada until December 12, 2011.
The net proceeds of this offering will be primarily used by Medifocus to initiate a pivotal phase III clinical trial using its Microfocus APA 1000 System for the treatment of breast cancer (including all related professional expenses) and for working capital.
Medifocus also announces that it has agreed to a debt settlement with certain third party creditors, employees and service providers. Subject to approval by the TSX Venture Exchange, Medifocus will issue an aggregate of 4,042,615 common shares at an average deemed price of $0.66 per common share to settle such outstanding debts. The common shares issued will be subject to hold periods pursuant to applicable securities laws as well as the policies of the TSX Venture Exchange.
Medifocus owns a patented microwave focusing technology platform (the Adaptive Phased Array ("APA") technology), which can precisely target and control microwave energy to cause heating in cancerous tumors anywhere in the body reliably and repeatedly. The ability to target tumors with a precision controlled dose of heat can be used to destroy tumors at higher temperatures, to treat tumors in combination with chemotherapy and/or radiation at moderate temperatures for increased effectiveness and reduced toxicity and to trigger the targeted release of therapeutic drugs and genes at tumor sites at lower temperatures. While the core technology has been licensed from the Massachusetts Institute of Technology, Medifocus has further refined the precision of the microwave focusing and control ability and developed a commercial system dedicated exclusively for the treatment of Breast Cancer. Please visit www.medifocusinc.com for more details.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the proposed transactions and neither of the foregoing entities has approved or disapproved of the contents of this press release.