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Exhibit 99.1

Biomoda Raises Funds Through Private Placement

 

Albuquerque, NM (Sept. 21, 2010) – Cancer diagnostics company Biomoda, Inc. (OTC BB: BMOD) ( www.biomoda.com ) today announced that it has closed a private placement of $560,000 in principal amount of convertible debentures with two institutional investors.  Under the terms of the private placement, Biomoda also issued to the investors warrants to purchase 2,000,000 shares of common stock.  

 

The convertible debentures will mature on August 31, 2011 and bear interest at an annual rate of ten percent payable in cash on the earlier of the conversion of the debenture or the maturity date.

 

“Continued support from the life-sciences investment community will help us bring our diagnostic for early-stage lung cancer to the marketplace,” said Biomoda President John C


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