October, 29, 2014. L.O.M. Medical International Inc. (“LOM” or the “Company”) is pleased to report that it has now completed the 3rd Generation Syringe. The new version has significant improvements over the 2nd Generation Syringe that has several patents granted and others pending. The Company has completed the first stage of testing on the latest model and is pleased to report that the syringe is exceeding expectations during performance reviews. We believe this is our final syringe design with no further modifications required. Additional independent testing is planned and will commence in the near future.
Symbient Product Development Inc. (“Symbient”), the corporation contracted to assist with the development of the syringe, has to date been doing an excellent job and will begin assembling syringes that will be used for accelerated aging tests and for live demonstrations.
The Company, along with Symbient and Ms. Jennifer Marles of Oyen Wiggs Green & Mutala LLP, Patent Attorneys, has been preparing LOM’s 3rd generation patent application. It is always difficult to predict the length of time that may be involved with this process but we believe that the application will be ready for filing within 10 business days.
Once the application is filed LOM will have the ability to organize and present demonstrations of the intellectual property to interested parties. The work being undertaken along with Deloitte Corporate Finance Inc. has allowed for various stages of discussions with several international pharmaceutical Companies. The Company plans for full demonstrations of the 3rd Generation syringe to be underway in November of this year.
LOM is also pleased to announce that it has competed the first tranche of a private placement financing of up to 300,000 units (the “Units”) currently being offered at a price of $5.00 per Unit for gross proceeds of up to $1.5 million. Each Unit consists of one common share in the capital of the Company and one-half share purchase warrant (the “warrants”), each full warrant is exercisable to acquire an additional common share for a period of 2 years from the issue date at a price of $5.00. At the time of this update the Company has sold 111,640 units for total gross proceeds of $575,200 pursuant to the first tranche. The offering is open to any investor who qualifies under an available prospectus exemption as further defined in the placement documentation available on request.
The Company will proceed with the balance of the offering and intends to use the proceeds from the financing for the completion of the pneumatic retractable-needle syringe and for general working capital.
About L.O.M. Medical International Inc.
Our mission: To reduce the spread of infection and disease caused by accidental needle stick injuries or intentional reuse of syringes, by developing an innovative, pneumatic, hypodermic retractable syringe capable of economic mass production.
For further information, please contact us via the form on this page.
ON BEHALF OF THE BOARD OF DIRECTORS
Herbert R Towning
President and CEO