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Published on 1/29/2009 in the Prospect News PIPE Daily.

New Issue: Non-Invasive Monitoring sells $2.1 million convertible preferreds

By Devika Patel

Knoxville, Tenn., Jan. 29 - Non-Invasive Monitoring Systems, Inc. raised $2.1 million in a private placement of convertible preferred shares on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company sold 1,400 series D convertible preferred shares at $1,500 per share to Frost Gamma Investments Trust and Hsu Gamma Investment LP. Each of the investors bought 700 preferreds for $1.05 million.

Each of the preferreds is convertible into 5,000 common shares for a conversion price of $0.30.

Based in North Bay Village, Fla., Non-Invasive Monitoring makes cardio-respiratory monitors.

Issuer:Non-Invasive Monitoring Systems, Inc.
Issue:Series D convertible preferred stock
Amount:$2.1 million
Shares:1,400
Price:$1,500
Conversion price:$0.30
Conversion ratio:Into 5,000 common shares
Warrants:No
Investors:Frost Gamma Investments Trust (for $1.05 million) and Hsu Gamma Investment LP (for $1.05 million)
Settlement date:Jan. 28
Stock symbol:OTCBB: NIMU
Stock price:$0.43 at close Jan. 28
Market capitalization:$27.9 million

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