|
|
|
|
|
|
|
|
|
 |
|
 |
AT THE COMPANY:
John Funkhouser, President, CEO
Paul Storey, Director of Finance
(919) 954-9871
AT THE FINANCIAL RELATIONS BOARD
General Info: Paula Schwartz (212) 661-8030
Analyst Info: Kathy Brunson (312) 266-7800
|
|
|
|
|
|
FOR IMMEDIATE RELEASE
December 30, 1997
CARDIOVASCULAR DIAGNOSTICS COMPLETES EQUIPMENT LOAN FINANCING WITH TRANSAMERICA BUSINESS CREDIT
Raleigh, NC - December 30, 1997 -- Cardiovascular Diagnostics, Inc. (Nasdaq:CVDI) announced today that it has completed a $3.0 million equipment loan financing with Transamerica Business Credit. The asset-based loan has a maturity of approximately 3 1/2 years and is secured by certain equipment previously purchased by CVDI for its manufacturing facility.
John Funkhouser, CVDI’s Chief Executive Officer, stated, “We are pleased to have concluded this financing on terms favorable to the Company and its shareholders. The additional liquidity, together with projected revenues from product sales and other sources, will meet our cash and capital needs through 1998, including an expansion of our test development activities. In 1998, several of the promising drugs for which CVDI has developed unique diagnostic tests will be progressing through clinical trials. In addition to providing a source of demand for CVDI’s analyzers and test cards, if successful, these trials will determine the efficacy of these drugs and their ability to positively effect certain disease states.”
CVDI develops and manufactures novel diagnostic tests developed in tandem with new pharmaceuticals which target conditions previously difficult to recognize and treat. CVDI’s tests screen for patients who will benefit from therapy as well as provide information related to drug utilization and patient progress. Major test initiatives are currently underway in the fields of stroke, cardiac infarction and sepsis. It is thought that the rapid turnaround of such test results with the use of CVDI’s Thrombolytic Assessment System™ and test cards will promote a new paradigm between diagnostic and pharmaceutical companies as rapid monitoring of certain therapeutics helps to improve patient treatment and outcome.
Presently, CVDI has seven FDA cleared coagulation tests on the market which primarily monitor routine coagulation parameters. These “routine tests” in conjunction with the TAS analyzer and TRAQS software, represent a hospital-based system expected to provide a continuum of
anticoagulant patient monitoring throughout the patients’ hospital stay. The uniqueness of the system is that CVDI is capable of standardizing certain test results at the point-of-care to reagents used in the central laboratory and thus, offer the hospital a uniformity of test results throughout the hospital. This gains increased importance as hospitals consolidate and physicians cover numerous affiliated hospitals.
Cardiovascular Diagnostics, Inc. develops, manufactures and markets systems designed to deliver rapidly and accurately, blood test results at the point-of-care (“POC”). CVDI’s novel technology platform has allowed the Company to develop a menu of diagnostic tests, including new specialty tests. The Company believes that its Thrombolytic Assessment System (“TAS”) technology is the only POC system capable of monitoring both the formation and dissolution of blood clots -- a critical factor in treating heart attacks, strokes and a variety of other medical conditions.
# # #
To receive CVDI’s latest news release and other corporate documents via FAX- no cost- dial 1-800-PRO-INFO. Use company’s ticker, CVDI. Or visit The Financial Relations Board’s web site at http://www.frbinc.com.
This press release contains forward-looking statements regarding future events and the future performance of Cardiovascular Diagnostics that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including Form 10-K, Form 10-Q and Form 8-K reports.
|
|
| |