Cardo Medical, Inc. Announces Closing of $6.2 Million Private Placement
16 November 2009 - 1:18PM
PR Newswire (US)
Proceeds Will Fund Working Capital of the Company LOS ANGELES, Nov.
16 /PRNewswire-FirstCall/ -- Cardo Medical, Inc. (OTC Bulletin
Board: CDOM), an orthopedic medical device company based in Beverly
Hills, California, announced today that it has completed the
previously disclosed private placement transaction in which it
successfully raised approximately $6.2 million in gross proceeds
through the sale of common stock. Cardo Medical, Inc. intends to
use the proceeds for working capital, general corporate purposes
and research and development, including the integration of its
recent acquisitions and the release of its total knee system.
Andrew Brooks, M.D, Chairman and CEO of Cardo Medical stated, "We
are pleased to have completed this placement, particularly with the
strong quality of institutional investors who participated. We
expect to achieve significant growth in 2010 powered by our recent
acquisitions and the staged release of our Total Knee and Hip
Systems over the coming quarters." Phillip Frost, M.D., former
Chairman and founder of IVAX pharmaceuticals stated, "I continue to
be impressed by Cardo Medical's accomplishments during the last 12
months, and toward that end have increased my investment in the
company through participation in this round to help accelerate the
company's growth trajectory. I am excited to help build a world
class orthopedic medical device company." Ladenburg Thalmann &
Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services
Inc. (NYSE Amex: LTS), acted as the exclusive placement agent for
this transaction. About Cardo Medical, Inc. Cardo Medical
(OTCBB:CDOM) develops reconstructive orthopedic and spinal surgery
products through advanced engineering and focuses on product
development, marketing and distribution within the US market. Cardo
Medical's superior engineering talent closely collaborates with
leading surgeons around the country to create products that reduce
or eliminate joint pain and allow patients to achieve more active
lives. The company's cutting edge products are specifically
developed with patients, surgeons and OR staff in mind and are
designed to reduce operative time, enhance surgical technique,
shorten hospital stays, reduce recovery time and improve outcomes.
Cardo Medical's product portfolio includes devices for knee, hip,
spinal fusion and motion preservation arthroplasty and replacement,
many of which have already received FDA clearance. Cardo Medical
has a robust and innovative product pipeline pending both USPTO and
FDA submission and clearance. Cardo Medical works in small, focused
development teams in concert with physicians to rapidly develop
products from concept to launch. We are committed to exceeding the
standards by which any device company is judged. Please visit our
website at http://www.cardomedical.com/ for more information on our
complete portfolio of Reconstructive and Spinal Implant systems.
This press release contains "forward-looking statements," as that
term is defined under the Private Securities Litigation Reform Act
of 1995 (PSLRA), regarding product development efforts and other
non-historical facts about expectations, beliefs or intentions
regarding the business, technologies and products, financial
condition, strategies or prospects. Many factors could cause actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements. These factors
include those described in our filings with the Securities and
Exchange Commission, as well as risks inherent in funding,
developing and obtaining regulatory approvals of new,
commercially-viable and competitive products and treatments,
including the risks that any products under development may fail,
may not achieve the expected results or effectiveness and may not
generate data that would support the approval or marketing of
products for the ailments being studied or for other ailments. In
addition, forward-looking statements also may be adversely affected
by general market factors, competitive product development, product
availability, federal and state regulations and legislation, the
regulatory process for new products and indications, manufacturing
issues that may arise, patent positions and litigation, among other
factors. We do not undertake any obligation to update
forward-looking statements. We intend that all forward-looking
statements be subject to the safe-harbor provisions of the PSLRA.
CONTACT: Cardo Medical, Inc. 973-777-8832
http://www.cardomedical.com/ DATASOURCE: Cardo Medical, Inc.
CONTACT: Cardo Medical, Inc., +1-973-777-8832 Web Site:
http://www.cardomedical.com/
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