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ProUroCare Medical, Inc. (PUMD.OB) Announces $3 Million Financing Agreement

|Includes: ProUroCare Medical, Inc. (PUMD)

ProUroCare Medical Inc. is a company which develops and provides innovative medical imaging products. The company’s current focus is its proprietary ProUroScan prostate imaging system which is used to visualize and document abnormalities of the prostate gland in men.

The company announced on September 28, 2010 the signing of an agreement for $3.125 million in equity financing with Seaside 88 LP. The funding will be provided in four tranches. The first closing, completed upon the signing of the agreement, provides $875,000 at a selling price of $0.625 per share. Subsequent closings are scheduled to provide $750,000 within 30 days following FDA clearance of the ProUroScan system, and $1.5 million provided in five subsequent closings of $300,000 in 30-day increments.

The proceeds of the financing will be used to expand the company’s product portfolio and to support scale-up activities associated with final preparation, manufacturing and eventual marketing of the ProUroScan prostate imaging system, following FDA clearance. This funding brings the total amount of money raised by ProUroCare since January 2007 to $13.9 million.

There are several activities required to prepare a product for marketing following FDA clearance. Needless to say, this funding will enable the company to do so. It will also allow ProUroCare Medical to move other key programs forward during the ongoing FDA review period. For further information on the company and its ProUroScan system, please visit its website at

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