Dobi Medical completes private placement

Financial coffers at Dobi Medical have swelled following the private placement of $5.16 million in shares of its Series A Preferred stock and warrants. The shares carry a dividend of 8% per year and are convertible into 2,580,667 shares of common stock. Proceeds from the transaction will be used to build and begin internationally marketing the company's ComfortScan system, a noninvasive optical imaging system designed for use in the detection and management of breast cancer.

Financial results for the company in the second fiscal quarter of 2004, ended June 30, show a net loss of $1.6 million, or 4¢ per share, compared with a net loss of $1.1 million, or 6¢ per share in the same quarter last year. For the first six months of fiscal 2004, net loss was $3.0 million, or 8¢ per share, compared with a net loss of $2.3 million, or 12¢ per share in the previous year's period.