Biofield Corp. (OTC BB: BZET) says it has received $1 million in gross proceeds from a private placement offering consisting of promissory notes and 5 million shares of the company’s common stock.

The net proceeds from the offering, which was managed by CGF Securities of Boca Raton, FL, were approximately $850,000.

The proceeds will be used to fund the preparation and submission of the Biofield’s proposed submission to the FDA for a breast cancer diagnostic device, as well as for operating capital and preparation and filing of registration statements with the SEC.

“This funding comes at a very important time for the company, as we ready to — seek approval of our breast cancer diagnostic device to the FDA,” said David Long, chairman and CEO of Biofield. “–We believe that our device will significantly improve the state of breast cancer diagnosis from what it is today.”

The radiation-free, non-invasive breast cancer diagnostic device is called the Biofield Diagnostic System and is developed by Biofield Corp. of Atlanta.