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    MicroMedical's share purchase plan raises $6.6m
    15:38, Tuesday, 7 May 2002

    Sydney - Tuesday - May 7: (RWE) - MicroMedical Industries Ltd

    has finalised its share purchase plan (at 80c a share),
    resulting in $6.64 million of additional funds.

    This follows on from a $10.96 million placement of shares, also at 80c each,
    to Australian and international investors in March.

    Managing director Mr Michael Spooner said: "MicroMedical now has over $20 million
    in cash reserves.

    "These additional funds will be used to undertake the first human implant trials of the
    VentrAssist 'artificial heart', which are
    expected to commence in Australia, prior to undertaking further human implants in both Europe
    and the United States as part of MMD's global
    approach to clinical trials."

    I'm doubtful that those who paid 80c are now taking an immediate loss !!

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