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Microbyx Corp.

This article was originally published in The Gray Sheet

Executive Summary

Going public via proposed offering of 1 mil. shares of common stock at $4 per share and 500,000 redeemable warrants at 10 cents per warrant. The Deerfield, Illinois-based company filed a registration statement with the Securities and Exchange Commission on March 12 for the shares and warrants. The filing also covers a repurchase program for 245,461 shares of common stock and 490,922 common stock purchase warrants the firm previously sold to finance operations which "may not have been exempt from registration" with SEC. The development stage firm's first product effort is a tampon kit designed to collect menstrual fluid, which would be tested for indications of cervical and endometrial cancer. The filing notes that Microbyx would arrange for the tests to be conducted under contract in clinical labs until the company establishes its own labs. Anticipated net proceeds of $3.6 mil. will be used to establish clinical laboratories and for marketing, manufacturing, process development, debt retirement and working capital purposes. Nutmeg Securities Ltd. is underwriting.

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