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Financings in Brief: Biomagnetic Technologies, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Biomagnetic Technologies, Inc.: Sale of 5.5 mil. shares of common stock to foreign investors raises $2.8 mil. Dassesta International was the largest investor, acquring 4 mil. shares for $2 mil. The proceeds are intended primarily for debt repayment and working capital. The San Diego-based magnetic source imaging equipment firm "is currently in the process of seeking additional substantial equity capital from foreign investors to continue its operations beyond the end of February 1998, at which time its existing cash resources may be exhausted, precluding the company's ability to continue operations," VP-Finance Henry Bergman explains. Fiscal 1997 (ended Sept. 30) results include sales of $10.6 mil. versus $733,000 last year and a net loss of $5.2 mil. compared to $15.6 mil. in the prior year. The results reflect the fact that shipments of the firm's Magnes 2500 whole head system, "which had been delayed from fiscal year 1996, have been installed and accepted in Europe, Japan and the United States," the firm states...

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