TORONTO, ONTARIO--(Marketwire - May 22, 2012) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Further to its news release of March 16, 2012, Medifocus Inc. (Medifocus) (TSX VENTURE:MFS)(OTCQX:MDFZF) announces that, subject to regulatory approval, it has increased its private placement to up 46,666,666 units (the Units) for anticipated gross proceeds of up to $7,000,000 (the Offering). The terms of the Offering remain unchanged. Each Unit is offered at a price of $0.15 and comprised of one common share (a Common Share) and one Series B Common Share purchase warrant. Each Series B Common Share purchase warrant will entitle the holder to purchase one additional Common Share at a price of $0.20 for a period of 24 months following the completion of the Offering. If, at any time prior to April 26, 2012, the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange exceeds $0.75 for at least 10 consecutive trading days, Medifocus may, within 30 days of such occurrence, give an expiry acceleration notice to the holders of warrants and, if it does so, the warrants will, unless exercised, expire on the 30th day after the expiry acceleration notice is given.
The proceeds of this offering will be primarily used for working capital and to continue its pivotal phase III clinical trials using Medifocus Microfocus APA 1000 System for the treatment of breast cancer (including all related professional expenses).
About Medifocus Inc.
Medifocus owns a patented microwave focusing technology platform (the Adaptive Phased Array (APA) technology), which can precisely target and control microwave energy to cause heating in cancerous tumors anywhere in the body reliably and repeatedly. The ability to target tumours with a precision controlled dose of heat can be used to destroy tumours at higher temperatures, to treat tumours in combination with chemotherapy and/or radiation at moderate temperatures for increased effectiveness and reduced toxicity and to trigger the targeted release of therapeutic drugs and genes at tumour sites at lower temperatures. While the core technology has been licensed from the Massachusetts Institute of Technology, Medifocus has further refined the precision of the microwave focusing and control ability and developed a commercial system dedicated exclusively for the treatment of Breast Cancer. Please visit www.medifocusinc.com for more details.
Forward-Looking Statements and Information
This news release contains forward-looking statements, which may not be based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required under applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.