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New
Release -- Superconductor Week does not edit or endorse the following
news release: CardioMag Confirms Trading on London's Stock Exchange
Schenectady, NY, Dec. 14: CardioMag Imaging,
Inc., the developer of a new non-invasive Magnetocardiograph ("MCG") heart function
visualization product for the cardiology community, announced today that its common stock has been
admitted to trading on the AIM Market of the London Stock Exchange.
In connection with
its AIM admission, CardioMag raised approximately US $9.3 million in gross proceeds, pursuant to a
placing of its common shares through its nominated advisor and broker, Williams de
Broe. The proceeds of the placing after expenses will be used by the Company for working capital,
including expansion of the Company's international marketing efforts and U.S. manufacturing. The
market capitalization of the Company based on the issue price in the placing is approximately US
$50.9 million. The placing was made pursuant to an exemption from registration under U.S.
securities laws pursuant to Regulation S thereunder. Pursuant to Regulation S, the shares
issued in the placing may not be resold to U.S. Persons for one year following the placing. The
principal activities of CardioMag, which was incorporated in 1999, are the design, manufacture
and sale of non-invasive MCG heart function diagnostic equipment. CardioMag's MCG system
integrates Superconducting Quantum Interference Devices ("SQUIDS") with advanced software and
hardware to form a new diagnostic technology, providing high quality functional information on
the status of a patient's heart. The MCG system measures the magnetic fields generated by the
heart's electrical activity, allowing a physician to identify abnormal cardiac conduction
disturbances, including those created by the presence of coronary artery disease. The
Company currently has one market ready product, the CMI 2409 system, several of which are already installed in hospitals around the world,
each incorporating a cryogenic container, sensors, sensor control and digital electronic hardware, a
multi-position, non-magnetic patient bed, and related software and display equipment. A more
advanced system, the CMI 2436, is currently at the prototype stage. The Company is also
developing a CMI Research system for use by medical research laboratories for animal studies of
heart disease. For more details concerning
CardioMag and its products, see its website at http://www.cardiomag.com.
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