Verisante Technology, Inc. Files Preliminary Short Form Base Shelf Prospectus
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2013) - Verisante Technology, Inc. (TSXV: VRS) (OTCQX: VRSEF) (the "Company" or "Verisante"), a leader in cancer detection technology, announced today that the Company has filed a preliminary short form base shelf prospectus ("Prospectus") with the securities regulatory authorities in the provinces British Columbia, Ontario and Alberta.
Under the Prospectus, Verisante may offer and issue from time to time any combination of common shares, warrants to purchase common shares and units (collectively, the "Securities") up to an aggregate offering of $10,000,000 during the 25-month period that the Prospectus, including any amendments thereto, remains effective. Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying prospectus supplement (a "Prospectus Supplement").
The Company has engaged Jordan Capital Markets, Inc. as agent for an initial offering of up to $2.5 million. Verisante will file the details of the engagement and offering in a Prospectus Supplement after the Company files the final short form base shelf Prospectus.
The net proceeds to Verisante from the sale of Securities and the proposed use of those proceeds will be set forth in the applicable Prospectus Supplement. The principal business objective to be achieved with the proceeds is to further develop and the Company's product offerings, including Aura™, a device for the detection of all major forms of skin cancer, finance manufacturing of Aura™ devices, to pursue regulatory approval in the United States for Aura™, for ongoing additional product development of other technologies, including multispectral imaging, rapid Raman systems for endoscopic applications, and fluorescence and reflectance imaging systems, and to cover general and administrative costs and other general corporate purposes for the next 12 months.
The Company also announced today that it has retained Kilmer Lucas Inc. ("Kilmer") to help increase investor awareness throughout North America.
The agreement with Kilmer is for a period of 12 months. Under the terms of the agreement, the Company will pay a consulting fee to Kilmer of $6,500 per month plus approved expenses incurred on behalf of the Company.
About Kilmer Lucas
Kilmer Lucas is an investor relations, public relations and strategic advisory firm that combines a healthcare industry focus with a global reach. Working directly from our offices in New York, Toronto and San Francisco, and through a carefully assembled affiliate network that includes seasoned professionals based in Israel, Asia and Europe, we help our clients to successfully navigate and penetrate the capital markets and media both at home and abroad.
About Verisante Technology, Inc.
Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. Aura™ has been approved for sale in Canada, Europe and Australia. Core™ has not yet been approved for sale.
Verisante Aura™ was awarded Popular Science Magazine's "Best of What's New Award" for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Thomas Braun, President & CEO
Verisante Technology, Inc.
Telephone: (604) 605-0507
Forward Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.