Escalon(R) Medical Corp. Completes $1.1 Million Private Equity Financing

Escalon Medical Corp. (NASDAQ:ESMC) announced that on November 20, 2008 has completed a $1,100,000 private placement of common stock and common stock purchase warrants to accredited and institutional investors. The Company sold 1,000,000 shares of common stock at $1.10 per share. The investors also received warrants to purchase an additional 150,000 shares of common stock at an exercise price of $1.21 per share. The warrants cannot be exercised for 181 days. The net proceeds to the Company from the offering, after fees and expenses, will be approximately $1,029,000. Barrett & Company of Providence Rhode Island, acted as placement agent on behalf of the Company in the private...

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