BioniCare Announces Closing of Series C Preferred Stock Financing

May 11, 2005

BioniCare Medical Technologies has closed a Series C Convertible Preferred Stock financing with a syndicate of U.S. and Japanese institutional investors. The investor group was led by New Science Ventures, and included Allen & Co. and Nippon Sigmax. The proceeds raised in the Series C offering to date from new and current investors totals approximately $15 million. The company is planning a follow-on closing with additional institutional investors in early June which could bring in an additional $5 million.

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