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NEOMATRIX ANNOUNCES ADDITIONAL FUNDING FOR BREAKTHROUGH BREAST CANCER SCREENING TEST
Pharmaceutical Industry Veteran Richard Franco and
Entrepreneur Anthony Ciabattoni Join NeoMatrix Board of Directors
IRVINE, Calif. – Sept. 5, 2007 – NeoMatrix, developer of the HALO Breast Pap Test, the
first automatic, noninvasive test designed to identify breast cancer risk, announced today that the
company has closed a Series C round of equity financing. The financing will enable an expanded
market release of the HALO System, which is designed to test asymptomatic women for the
presence of atypical ductal hyperplasia (ADH), a known biomarker that can be a precursor to
breast cancer. ADH is often found in the breast years earlier than a lesion might be found on a
mammogram or a self exam, facilitating early follow-up and treatment or chemoprevention
measures.
“We appreciate the continued support of our investors as we’ve surpassed more than 30
placements in Ob-Gyn and primary care offices around the country,” said Paul J. Fitzpatrick,
chief executive officer of NeoMatrix. “This fundraising has enabled us to hire our first sales
representatives, expand our marketing team and to develop the infrastructure and marketing
programs required to drive awareness and adoption of the HALO system. It also allowed us to
convert or retire 100% of the debt previously used to finance the research and development of
both the HALO system and its broad patent protection.
“In addition to our initial success in placing systems in physician offices, we have also
recently established relationships with a number of breast specialists and breast centers who have
agreed to help introduce HALO to their local primary-care referral networks. Although
gynecologists and other primary care physicians are responsible for breast cancer screening of
well, or asymptomatic women, breast specialists, often practicing in multi-specialty breast
centers, assume responsibility for follow-up and treatment of high-risk patients,” added
Fitzpatrick.
The Company also announced that Anthony Ciabattoni and Richard Franco have joined
the NeoMatrix Board of Directors. According to Kathryn Tunstall, NeoMatrix’s chairman, “Our
board has been significantly strengthened by the addition of Tony and Richard. Each of them
brings a wealth of operating experience and a set of valuable contacts that will benefit NeoMatrix
as we continue to commercialize the HALO Breast Pap Test. I look forward to their active
participation in the Company as we build market momentum and consider future financing to take
the Company to profitability.”
Anthony J. Ciabattoni is an entrepreneur with over 35 years of experience. He was the
founder of Pacific Business Interiors, which became the largest distributor of Steelcase office
furniture in Southern California, and a leading facilities management service provider to Fortune
500 companies. In addition to serving as president and CEO of Pacific Business Interiors from
1983 until its sale in 1996, Ciabattoni founded Recycled Office Solutions, a re-manufacturer of
office furniture systems in 1993. Since selling those companies, he has been involved in a wide
range of investments in the real estate, energy and private equity sectors. Ciabattoni serves as a
member of the Board of Advisors for Waveland Capital Group, LLC, an investment banking firm
that advises and raises capital for early stage medical technology companies, including
NeoMatrix, LLC. Ciabattoni served as a director of Transeastern Properties, a real estate
development company recently acquired by Technical Olympic USA, Inc. He received a
bachelor’s degree from the University of Delaware.
Richard A. Franco, Sr. has been a leader in the lifescience and health care industries for
more than 30 years. He currently serves as president and CEO and a director of DARA
BioSciences, Inc., a private pharmaceutical development company. From 1997 to 2002, Franco
served as the Chairman of the Board of LipoScience, Inc. where he served as co-founder, CEO
and president from 1997 to 2001. From 1994-1996, he served as president, CEO and a director of
Trimeris Inc., a biopharmaceutical Company. From 1983 to 1994, Franco held several senior
positions and served on the Executive Committee of Glaxo, Inc. He has served on the Board of
Directors of lifescience companies Tranzyme, TriPath Imaging and EntreMed, Inc. He is
currently a director of Salix Pharmaceuticals, Ltd., and the Research Triangle Chapter of the
National Association of Corporate Directors (NACD). Franco holds a bachelor’s degree in
Pharmacy from St. John's University and has completed graduate work in pharmaceutical
marketing and management at Long Island University.
About NeoMatrix, LLC
Based in Irvine, Calif., NeoMatrix© develops innovative devices that allow women and their Ob-Gyns to promote optimal breast health. The company's premier product, the HALO Breast Pap Test System, is the first fully automated, noninvasive breast disease screening device designed for use in the primary care office setting. The System has been FDA cleared for the collection of nipple aspirate fluid for cytological evaluation for the determination and/or differentiation of normal versus pre-malignant versus malignant cells. For further information, visit www.neomatrix.com.
Media Contacts:
Chris K. Joseph
510.339.2293
chris@ckjcomm.com
