Molecular Diagnostics Announced It Has Retired Its Obligation to Cleveland Clinic
Posted on: Wednesday, 7 September 2005, 12:00 CDT
Molecular Diagnostics, Inc. (OTCBB: MCDG.OB) Molecular Diagnostics announces that is has successfully paid off its outstanding debt to Cleveland Clinic.
New CEO Dr. David Weissberg said: "I am pleased that one of the first orders of business as CEO is to take care of the Cleveland Clinic obligation. They have been an excellent partner, helping us with our Phase I clinical trials work in China on our CVX cocktail. We value that relationship going forward.
The retirement of this debt is another milestone in the process of cleaning up Molecular Diagnostic's balance sheet. We look forward to the restructuring being completed in a timely manner.
I look forward to delivering more good news on Molecular's progress and new momentum."
About Molecular Diagnostics, Inc.
Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath(TM) System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.
More information is available at: www.Molecular-Dx.com
Certain statements in this release are forward-looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(TM) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from Molecular Diagnostic's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Reports on Form 10-QSB for the quarters ended March 31, 2005 and June 30, 2005. Except as expressly required by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.
Source: Business Wire
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