Medical Discoveries to raise $3 million in private placement of preferreds, warrants

By Sheri Kasprzak

Atlanta, Dec. 7 - Medical Discoveries Inc. said Tuesday it has signed agreements for a $3 million private placement of convertible preferred shares and warrants.

Company management refused to comment on the specifics of the deal and said the pricing details would be released later this week in a form 8-K from the Securities and Exchange Commission.

The investors in the deal include Mercator Advisory Group LLC through Mercator Momentum Fund LP and Mercator Momentum Fund III LP.

Ascendiant Securities LLC was the placement agent in the offering.

The funding from the deal is contingent upon Medical Discoveries closing the acquisition of intellectual property from a biotechnology company.

Based in Twin Falls, Idaho, Medical Discoveries is a development-stage biopharmaceutical company. The company is engaged in the research, development and validation of anti-infective technology. The funding from the private placement will support the prospective acquisition of biotechnology assets and intellectual property.

On Tuesday, the company's stock closed unchanged at $0.23.

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