Medifocus Inc. Announces Stock Option Grants and Share Awards
Submitted by Medifocus Inc on Mon, 12/17/2012 – 13:55
TORONTO, ONTARIO–(Marketwire – Dec. 17, 2012) – Medifocus Inc. (TSX VENTURE:MFS)(OTCQX:MDFZF) (Medifocus or the Company) announces that it granted incentive stock options to the directors and officers of the Company to purchase an aggregate of 4,825,000 common shares. The options are exercisable at a price of $0.19 per common share, expire three years from their date of grant and will vest on the first anniversary of their date of grant.
The exercise price of all incentive stock options granted is equal to the closing price of the Company’s common share on the TSX Venture Exchange on the trading day immediately preceding the grant. The incentive stock options are subject to the terms and conditions of the Company’s Stock Option Plan and the policies of the TSX Venture Exchange.
Details of the option grants are as follows:
|Name||Title||Number of Options Granted|
|Grant B. Walsh||Chairman||250,000|
|Dr. Augustine Y. Cheung||President and CEO and Director||2,000,000|
|Joseph S. C. Chan||Director||150,000|
|Dr. Augustine P.Y. Chow||Director||150,000|
|Tak Cheung Yam||Director||225,000|
|John Mon||Chief Operating Officer||1,250,000|
|Mirsad Jakubovic||Chief Financial Officer||650,000|
Medifocus also announces that it has awarded an aggregate of 1,755,095 common shares to certain directors and officers in lieu of part of the remuneration to which such individuals are normally entitled. These awards are part of the 3,000,000 common shares approved by the shareholders of Medifocus for such purpose on November 28, 2012.
Details of the common share awards are as follows:
|Name||Title||Number of Shares Awarded|
|Dr. Augustine Y. Cheung||President and CEO and Director||792,058|
|John Mon||Chief Operating Officer||363,037|
|Mirsad Jakubovic||Chief Financial Officer||100,000|
Medifocus develops and commercializes minimally invasive heat treatment systems used in treatment of cancerous and benign tumors, and enlarged prostate, Benign Prostatic Hyperplasia (“BPH”).
The Company owns two technology platforms with comprehensive US and international patent protection: The “Endo-thermotherapy Platform” and the “Adaptive Phased Array Microwave Focusing Platform”. The Company has developed two advanced therapeutic products: the Adaptive Phased Array (APA)-1000 system for treatment of breast cancer and the Prolieve® system for the treatment of BPH. The APA-1000 uses precisely focused and controlled microwave energy to shrink breast cancer tumors without side-effects on the surrounding tissues to produce better treatment outcomes. The Company has received regulatory approvals to complete the APA 1000’s pivotal Phase-III clinical trials, the final step before marketing approval. The U.S. FDA-approved Prolieve® System (www.prolieve.com) is a medical device based on endo-thermotherapy that both heats the prostate and dilates the prostatic urethra. The Prolieve® System is the only minimally invasive treatment option for the symptoms of enlarged prostate in men indicated by the FDA as an in office treatment alternative to drug therapy. The Prolieve® System is a revenue generating product catering to the $8 billion non-surgical BPH drug market. The Company is currently focusing on marketing Prolieve® for the treatment of BPH and completing the APA 1000 breast cancer system’s Phase III study. For more information, visitwww.medifocusinc.com.
Forward-Looking Statements and Information
This news release contains “forward-looking statements” and “forward-looking information”, which may not be based on historical facts. Forward-looking statements and forward-looking information, include, but are not limited to, information and statements with respect the proceeds of the Offering and the expected use of the proceeds. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Such forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or forward-looking information. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements and forward-looking information. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.