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Proteo, Inc.: Placement of Preferred Stock Series A – US$ 3.6 million finance for clinical trials

Irvine, CA, June 11, 2008 – Proteo, Inc. (OTCBB: PTEO; Frankfurter Freiverkehr: WKN: 925981) announced today the placement of preferred stock.

Proteo announced today the placement of 600,000 shares of Preferred Stock Series A of Proteo Inc.’s authorized capital to an institutional investor FID Esprit AG in Switzerland. The US$3.6 million proceeds of this transaction will enable the German subsidiary to advance the progress of its clinical development program.

About Proteo

The company researches, develops and markets compounds for biological and medical research as well as for use as pharmaceuticals. PROTEO holds the production and utilization rights for recombinant human Elafin. PROTEO intends to out-license selected indications and to establish international strategic alliances in order to open up new fields of application and for marketing (www.proteo.us).

Forward-Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements and risks and uncertainties involved are further qualified by other factors including, but not limited to those set forth in the company’s Form 10-KSB filing and other filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact

Barbara Kahlke, Ph.D.
Proteo Biotech AG
Am Kiel-Kanal 44
D-24106 Kiel

Email: info@proteo.de
Telephone: +49 431 8888-462
Fax: +49 431 8888-463

https://proteo.de/pages/12/press-releases/2008/06/11/placement-of-preferred-stock-series-a-–-us$-3.6-million-finance-for-clinical-trials/ – printed on 2018-11-18 18:18:38