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FluoroPharma Medical (CEWM) Completes Merger and Successfully Raises Financing

May 18, 2011 2:54 PM ET
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FluoroPharma Medical announced this morning that it has successfully merged with Commercial E Waste Management (CEWM). The newly combined, publicly traded company was renamed FluoroPharma Medical, Inc., reflecting the company’s primary focus on FluoroPharma’s PET imaging product development.

It was also announced that FluoroPharma Medical completed a capital raising transaction through the placement of $3.5 million in stock. The company anticipates adopting a new ticker symbol on the OTC Bulletin Board in the near future.

“This merger and capital infusion provide FluoroPharma with the resources to advance the clinical development of our promising PET imaging agents for acute and chronic coronary disease and novel Alzheimer preclinical tracers,” stated Thijs Spoor, FluoroPharma’s Chief Executive Officer.

Dr. David Elmaleh, Chairman of the Board of Directors and the inventor of the Company’s imaging technology, commented, “FluoroPharma was founded to improve patient care based on proprietary insights into evaluating disease on the cellular and molecular levels. We have successfully translated these scientific insights into data from clinical trials in two separate cardiac imaging indications and now look forward to taking the next steps in the development of these agents.”

Investors interested in learning more about the merger, capital raise transaction and FluoroPharma can view the company’s Current Report on Form 8-K which was filed with the Securities and Exchange Commission earlier this week.

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