Urodynamix Technologies raises $1.5 million in private placement

Urodynamix Technologies, a Canadian medical device company, has raised a minimum of $1.5 million through the issuance of 30 million common shares of the company at a price of $0.05 per common share.

BC Advantage Funds has provided the company with a lead order of $750,000. The company may over allot the private placement to raise a maximum of $2 million.

The company will pay a commission of up to 7.5% on sales of common shares to third parties. There is no commission payable on the investment by current shareholders, including BC Advantage Funds.

Barry Allen, president and CEO of Urodynamix Technologies, said: "We are pleased to announce this private placement with the support and participation from our major shareholders and management team.

"This financing will provide the company with sufficient resources to execute on our business plan, specifically to accelerate the sales of our uroNIRS 2000 in the US and to drive the company to profitability."

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