ALBUQUERQUE, N.M., Feb. 28 -- Cell Robotics International has announced the completion of a non-brokered, $1.08-million private placement involving 450,000 shares of the company's common stock. The transaction also included an option to purchase an additional 50,000 shares of common stock under the same terms during the next eight weeks. In addition, the investor is to be appointed to the current board of directors and to be nominated to the board of directors for vote by the shareholders at the company's annual meeting in May 2000. Cell Robotics described the investor as an experienced international technologist and manager who is the president of his own engineering company.
The company plans to use the proceeds from this private placement primarily for the manufacturing, sales and marketing efforts of its proprietary laser device, the Personal Lasette. Cell Robotics said the Personal Lasette is the only FDA-cleared alternative to the needle or steel blade lancet currently available for diabetics to use in drawing blood to test their glucose levels.