Guided Therapeutics, Inc. (OTCQB: GTHP), the maker of the LuViva Advanced Cervical Scan, announced today that it had made the final payment of $750,000 to GPB Capital Holdings, LLC under a cash and equity exchange agreement signed on January 16, 2020. Under the agreement, once the agreed upon cash payments were made, the remaining debt owed to GPB was converted into equity. The final payment also removed any and all security interests over the Company’s assets previously held by GPB and sets all warrants held by GPB at a fixed price, thereby eliminating them as a liability on the Company’s balance sheet. In all, between the cash payment, the equity exchange and the removal of the warrants as a liability, the final $750,000 payment to GPB results in a total of $5,070,000 of liabilities removed from the Company’s balance sheet, compared with the end of the third quarter 2020.
“We are extremely pleased that we were able to make the final payment to GPB and that our assets are no longer encumbered by debt,” said Gene Cartwright, CEO of Guided Therapeutics. “Over the past two years, we have reduced our liabilities significantly to a manageable level and can now plan on growing the business without making large debt related monthly payments.”
About Guided Therapeutics
Guided Therapeutics, Inc. (OTCQB: GTHP) is the maker of a rapid and painless testing platform based on its patented biophotonic technology that utilizes light for the early detection of disease at the cellular level. The Company’s first product is the LuViva® Advanced Cervical Scan, a non-invasive device used to detect cervical disease instantly and at the point of care. In a multi-center clinical trial with women at risk for cervical disease, the technology was able to detect cervical cancer up to two years earlier than conventional modalities, according to published reports. For more information, visit: www.guidedinc.com.
The Guided Therapeutics LuViva® Advanced Cervical Scan is an investigational device and is limited by federal law to investigational use in the U.S. LuViva, the wave logo and "Early detection, better outcomes" are registered trademarks owned by Guided Therapeutics, Inc.
Forward-Looking Statements Disclaimer: A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics’ actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include those related to the early stage of commercialization of products, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the sufficiency of capital raised in prior financings and the ability to realize their expected benefits, the uncertainty of future capital to develop products or continue as a going concern, the uncertainty of regulatory approval of products, and the dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in Guided Therapeutics’ reports filed with the SEC, including Guided Therapeutics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and subsequent filings.
