LIFELINE BIOTECHNOLOGIES’ SUBSIDIARY FIRST WARNING SYSTEMS™ COMPLETES PRIVATE PLACEMENT
Reno, NV July 8, 2009 Lifeline Biotechnologies, Inc. (Pink Sheets: LLBO) today announced that its First Warning Systems™ subsidiary completed a Series A private placement of $125,000.
Jim Holmes, Lifeline’s CEO said that “Lifeline’s subsidiary, First Warning Systems, Inc. has completed a private placement of promissory notes in the amount of $125,000. The promissory notes, due in mid 2010 are convertible into common stock of First Warning Systems, Inc. This initial funding has provided us with important resources needed to move forward on our expected FDA filings. While this funding was essential, we are preparing for the next round, a Series B private placement of common stock for up to $1,500,000. This amount should see us through the FDA process and clearance. With clearance by the FDA, we would expect to be ready for the process of market introduction of the First Warning System™”
Jim Holmes, CEO of Lifeline said “First Warning Systems, Inc., has retained a firm specialized in FDA filings to assist in the preparation of its preliminary filing with the FDA. We expect the filing to be completed this month. The FDA’s response to this initial filing could take several months to receive. We expect the FDA’s response to give us guidance for the subsequent filing required in order to obtain marketing clearance for this proprietary process.”
Lifeline Biotechnologies has in the past year filed for a patent on the recent technological advancements of the First Warning System ™, which has achieved the robust capability of identifying and classifying tissue abnormalities of the breast with sensitivities (ability to identify) of 95% to 100% and specificities (verify) of 87% to 90%. Currently, it is a well known fact that mammograms are missing an estimated 20 to 30% of the breast cancers.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing, successful development of the Company’s product and regulatory and shareholder approval for anticipated actions.
For More Information, Contact:
www.lbti.com orJIM HOLMES
Email: Jholmes@lbti.com T: 775-324-1933
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