DOBI Medical International Files for Bankruptcy

//June 15, 2007//

DOBI Medical International Files for Bankruptcy

//June 15, 2007//

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A struggling Mahwah medical-device company has filed for Chapter 11 in Newark’s Bankruptcy Court.A struggling Mahwah medical-device company has filed for Chapter 11 in Newark’s Bankruptcy Court. DOBI Medical International Inc. (NASDAQ: DBMI.PK), which offers a product that physicians can use in diagnosing breast cancer, reported $453,932 of assets and $7.6 million of liabilities in yesterday’s court filing.

If the filing is approved, DOBI may try to renegotiate its debt, and its lease and other contracts in an attempt to stage a comeback.

In its most recent quarterly Securities and Exchange Commission filing for the quarter ended June 30, 2006, DOBI posted a $3.4 million loss on $6,900 of revenue. Around noon today, DOBI shares traded at $0.003 apiece, unchanged from yesterday’s close.