99.2
(BW)(NJ-MEDISCIENCE)(MDSC) Infotonics/Mediscience Announce Funding
and Development Agreement
Business Editors/Health/Medical Writers/Biotech Writers
CHERRY HILL, N.J.--(BUSINESS WIRE)--Oct. 10, 2006--Mediscience Technology
Corp.(MTC) (OTC:MDSC) has agreed to provide $10,000 per month of seed funding
beginning October 2, 2006, for a period of up to five months, to equity partner
Infotonics Technology Center, Inc. of Rochester New York to accelerate joint
progress towards commercialization of (MTC) Optical Biopsy Pill through a
"Newco" (NYS) subsidiary of (MTC) . Infotonics will use this initial Funding to
hire and assign a full-time Commercialization Program Manage (CTO) to continue
and accelerate Infotonics' efforts on behalf on (MTC) to achieve product
commercialization success.
(MTC) has additionally contracted commercialization responsibility and oversight
of its photonics technology IP platform to Infotonics who will develop the (MTC)
Optical Fluorescence IP platform via two initial advanced medical products, the
Optical Biopsy Pill (OBP) and the CD Ratiometer (CDR).
The parties expect that within this five months period, funding from a (NYSTAR)
grant award of $750,000 applied for by Info tonics plus, on satisfactory
completion of (MTC) due diligence, the receipt by "Newco" of an initial $2-3M of
bridge funding from Empire Financial Group Inc NY, should become available to
continue the commercialization program.
(MTC) CEO Xxxxx Xxxxxxxxx Xxx. says, "The relationship with equity partner
Infotonics is synergistic and strategic, leveraging Infotonics Nano-Technology
and Micro-System capabilities and broad resources to provide (MTC) with an
exceptional state of the art advantage, over competitors." (see below Syracuse
May 24, 2006 and CityGroup Oct -1-2004 Reports). This agreement places (MTC)
proprietary non-invasive imaging technology for molecular detection of cancer
and physiological change in the commercialization stage/track. We intend, with
Infotonics assistance, to use the "Newco" net proceeds of the Empire Financial
Group NY proposed $5 to $10M Firm commitment in the form of an Initial Public
Offering to fund the commercialization of our Optical Biopsy Pill (OBP) and the
CD Ratiometer (CDR)".
EMPIRE FINANCIAL GROUP
Empire Financial is a NASD registered broker dealer approved to provide a broad
range of securities services to investors and institutions in all 50 states. The
company's home office is located in Longwood, FL.
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Infotonics Technology Center Inc.
Infotonics is a consortium whose founding participants include Corning, Inc.,
Xxxxxxx Kodak Company, and Xerox Corporation, a not-for-profit corporation that
operates New York State's Center of Excellence in Photonics and Microsystems.
New York State Office of Science, Technology and Academic Research
Key goals are: Spur economic development in New York State through academic
research;Coordinate and organize New York's wide array of science and technology
informational resources and provide our academic, business, and research
communities access to these resources.
About Mediscience Technology Corp.
Mediscience Technology Corporation and subsidiary "Newco" are engaged in the
design, development and commercialization of medical devices that detect cancer
and physiological change using frequencies of light that are emitted, scattered
and absorbed to distinguish malignant, precancerous, or benign tissues from
normal tissues. Mediscience's exclusive protected non-invasive technology
combines the advantages of real-time results with enhanced diagnostic
sensitivity and specificity compared with other methods of cancer detection.
Investor Notice
Certain of the matters discussed in this announcement contain forward-looking
statements that involve material risks and uncertainties including public and
private financing market conditions and FDA filings and/or approvals, which are
required before the Camera Pill or the CD Ratiometer can be sold or licensed for
use in the United States. This press release is intended to comply with Rule
135c promulgated under the Securities Act of 1933. (Submitted in full compliance
with sections 8-K 1.01 and 2.01 re: "materiality" as applicable and in
fulfillment of SEC Section 6, 6.01 Regulation (FD) Full Disclosure, and Section
7 and 7.0 as well as all applicable and presently effective Xxxxxxxx-Xxxxx
disclosure requirements under Regulation G.
8-K filing dated October 10, 2006
8-K filing Syracuse Univ. May 24, 2006 72 Pg Report
CityGroup/Xxxxx Xxxxxx Report 10-1-2004 by Xxxxx Xxx. Page 20
xxx.Xxxxxxxxxx.xxx/XxxxxxxxXxxxxxxx/XxxxxxxXxxxxxxxXxxxxxxxx.xxx
xxx.xxxxxxxxxxxxx.xxx
XXXXXXXXXXXXXXX.xxx
CONTACT: Mediscience Technology Corp.
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Xxxxx Xxxxxxxxx Esq., Chairman/CEO, 000-000-0000
xxxxx@xxx.xxx
or
Infotonics Technology Center Inc.
Xxxxx X. Xxxxx, President, CEO, 000-000-0000
xxxxx.x.xxxxx@xxxxxxxxxx.xxx
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