SCHOFIELD, Wis., Feb. 9, 2010 (GLOBE NEWSWIRE) -- PuraMed BioScience (OTCBB:PMBS), a pharmaceutical company engaged in the development and marketing of a line of revolutionary, new, non-prescription medicines that treat migraine headaches, insomnia and tension-type headaches under the brand name LipiGesic™, announced today that it has recently secured an Equity Credit Agreement of up to $7,500,000, over the course of 24 months, which will allow the Company to initiate further efforts to reach its goals and objectives as outlined in its business plan.
The Agreement was made with Southridge Partners II, Ltd. The Agreement allows PuraMed to secure capital and put stock into the market if and when the timing is favorable for the Company. PuraMed is not obligated to draw any of the funds, and this Agreement allows for the exploration of other types of funding opportunities that may arise. Complete terms of the Agreement have been published in an 8-K that was filed on Feb. 8, 2010.
"We are pleased to have secured this excellent funding opportunity, which provides us with further financial stability and complete discretion as to when we elect to draw upon these funds," said PuraMed BioScience CEO Russell Mitchell. "We are now in a position to move forward with many of the initiatives we have planned for bringing our products to the forefront of the minds of millions of consumers. This Agreement also allows us the flexibility to make strategic decisions that should benefit PuraMed shareholder value."
About the Company:
PuraMed BioScience, Inc. engages in the research, development and marketing of non-prescription medicinal and healthcare products. In addition to its leading product LipiGesic™ M, which provides acute relief from migraine headaches; the Company also has plans to launch LipiGesic™ PM that provides a remedy for insomnia and other sleep disorders as well as LipiGesic™ H for common tension headaches. For more information on PuraMed, visit the Company website at www.PuraMedBioScience.com, join the Company's group page on Facebook by searching "PuraMed BioScience" and follow the Company on Twitter at www.twitter.com/puramed.
Forward-Looking Statements:
This news release contains forward-looking statements regarding PuraMed BioScience and its future business plans, which statements involve known and unknown risks and uncertainties. Such risks and uncertainties may cause actual results and future achievements of PuraMed BioScience to be materially different than those implied by these forward-looking statements. PuraMed BioScience has and undertakes no obligation to provide public updates and revisions to these forward-looking statements to reflect any changes in its expectations of future events.