Verisante Completes Private Placement

Verisante Completes Private Placement
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2014) - Verisante Technology, Inc. (TSX-VENTURE:VRS) (OTCQX:VRSEF) (the "Company" or "Verisante"), announced today that it has closed a non-brokered private placement of 2,827,000 units ("Units") at a price of $0.17 per Unit for gross proceeds of $480,590. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire a common share at a price of $0.25 for a period of 24 months from the date of issuance, subject to certain acceleration provisions contained within the warrant certificate.

Among the strategic investors participating in this round of financing is StarFish Medical, one of the Company's manufacturing partners for Aura™, a medical device for the detection of skin cancer.

Thomas Braun, CEO, Verisante Technology, Inc., notes: "Our relationship with StarFish Medical began with the Aura system. We're proud of how our teams worked together to turn Verisante's original design concept into an award-winning medical device. Our relationship continues to be strong, with StarFish Medical manufacturing the Aura System for its expanding use in clinics."

"Investing in a client company is a bit unique for us," said Scott Phillips, President of StarFish Medical, "however our long relationship with Verisante gives us insight and confidence in the company, product, and management team. We feel this is a win-win opportunity."

The private placement is subject to all necessary regulatory and stock exchange approvals. Securities issued pursuant to the private placement are subject to a hold period of four months plus one day from the date of distribution.

The net proceeds of the private placement will be used to fund the Company's manufacturing of Aura™, to pursue additional regulatory approvals of Aura™ in the United States and other regions, to support sales and marketing initiatives, and for working capital requirements.

A finder's fee of $8,160 cash and 48,000 finder's warrants was paid in connection with this private placement.

About Verisante Technology, Inc.

Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. Aura™ has been approved for sale in Canada, Europe and Australia. Core™ has not yet been approved for sale.

Verisante Aura™ was awarded Popular Science Magazine's "Best of What's New Award" for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.

About StarFish Medical, Inc.

StarFish Medical is a Medical Device Design company offering a full range of design, development, and manufacturing services. We use our Pathfinder™ process to reduce wasted effort and increase success for innovative medical device product definition, technical engineering, and product development. Prototype and volume production are delivered in an ISO 13485 certified Quality Management System and FDA registered manufacturing and clean room facility.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements

This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

Verisante Technology, Inc.Thomas BraunPresident & CEO(604) [e-mail]: www.youtube.com/verisanteTwitter: www.twitter.com/verisanteFacebook: www.facebook.com/verisante