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LAM Pharmaceutical Completes Equity Financing and Strengthens Balance Sheet
Tuesday October 14, 7:03 am ET
LEWISTON, N.Y., Oct. 14 /PRNewswire-FirstCall/ -- LAM Pharmaceutical, Corp. (OTC Bulletin Board: LAMP; Frankfurt: LAM; Berlin: LAM), a biomedical company focused on the development and commercialization of novel wound healing and transdermal drug delivery systems, announced today the successful completion of an equity financing. The financing was comprised of cash subscriptions for shares and warrants by third party investors. In addition, five persons, including LAM`s officers and directors, subscribed for shares and warrants in payment of past money owed to these persons by LAM. Collectively, LAM`s net asset position was improved by approximately $958,000.
" Our ability to complete this equity capital placement reflects growing confidence in management`s plan to expand the Company`s revenue base for its LAM IPM Wound Gel(TM) through licensing and strategic partnerships, and to broaden its product base through acquisition of compatible product lines," noted Joseph Slechta, President and Chief Executive Officer of LAM. " LAM`s long term vision is to become a diversified healthcare company with international scope, focused on the development, licensing and distribution of novel proprietary and third party health care products. We will continue working with our current capital sources and seek new sources of long term capital to support our growth initiatives."
Mr. Slechta concluded, " I am delighted to see that the officers and directors of the Company have shown their total support for the growth prospects by participating in this financing in such a substantial way."
About LAM Pharmaceutical, Corp.
L.A.M. Pharmaceutical, Corp., www.lampharm.com, is a biomedical company with laboratories in Lewiston, New York, and a business office in Toronto. LAM focuses on the development and commercialization of novel wound healing and transdermal drug delivery systems that offer patients, among other benefits, safer and more effective treatment for a variety of serious diseases. The technology is based on an original L.A.M. Ionic Polymer Matrix(TM) technology (L.A.M. IPM(TM)), a proprietary and patented combination (a total of 14 U.S. issued and approved patents) of electrically charged and non-charged molecules with wound-healing properties. L.A.M. IPM(TM) technology is also appropriate for use with well-established drugs, allowing for the sustained delivery of greater amounts to the target areas than is otherwise possible by oral means, thus prolonging therapeutic activity.
Statements in this press release regarding our business which are not historical facts are " forward-looking statements" that involve risks and uncertainties which could cause the Company`s actual results and financial condition to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to uncertainties relating to the need for additional funds and corporate partners, product liability, dependence on third parties for manufacturing and marketing, the early stage of products being marketed or under development, patent risk and competition.
L.A.M. Ionic Polymer Matrix(TM), L.A.M. IPM(TM) and IPM Wound Gel(TM) are trademarks of L.A.M. Pharmaceutical, Corp.
L.A.M. IPM Wound Gel(TM) is protected by one or more of the following patents: 5,897,880; 6,120,804; 6,007,843; 6,063,405.
The Ruth Group