On February 6, 2014, FluoroPharma Medical announced the presentation of data relating to an open label phase II clinical trial designed to compare the safety and diagnostic performance of CardioPET to SPECT myocardial perfusion imaging agents and angiography. In a presentation at the Society of Nuclear Medicine and Molecular Imaging Winter Meeting, the author of the abstract on the clinical trial reported encouraging CardioPET results for fatty acid imaging. CardioPET was well tolerated and administered safely in study subjects at UC Louvain (Belgium), demonstrating rapid blood clearance with excellent image quality and optimal image time.
Under purchase agreement of December 31, 2013 and January 7, 2014, FluoroPharma Medical issued 1.65 million common shares and warrants to purchase 1.65 million common shares for an aggregate purchase price of $827,500. One placement agent received a cash fee of $14,000 and five-year warrants to purchase 35,000 shares of common stock at an exercise price of $0.83 per share; the other placement agent received a cash fee of $51,400 and five-year warrants to purchase 128,500 common shares at an exercise price of $0.83 per share.
As a result of the issuance of shares in this private placement, the conversion price of the company's outstanding shares of series A preferred stock and series B preferred stock was adjusted to $0.50 per share. The adjustment is conditional on Platinum Montaur Life Sciences, LLC waiver of its right to adjust the conversion price of the 4.5 million shares of Series B preferred stock held by Platinum and accordingly, such conversion price remains $0.80 per share solely with respect to Platinum.