Navigation Links
Avicena Group Announces Closing of Private Offering
Date:9/26/2007

Financing To Accelerate Trials and Commercialization

PALO ALTO, Calif., Sept. 26 /PRNewswire-FirstCall/ -- Avicena Group, Inc. (OTC Bulletin Board: AVGO), a late-stage biotechnology company that develops central nervous system therapeutics for neurodegenerative diseases, announced today that it had conducted an initial closing of its private offering of Preferred Stock and warrants.

The Company received gross proceeds of $3,110,000 and in exchange sold 3,110 shares of newly designated Series C Convertible Preferred Stock, which are convertible (at $3.35 per share) into 928,358 shares of Common Stock, along with three classes of warrants: C-1 Warrants, exercisable for up to five years at $4.19 per share to purchase an additional 696,269 shares of Common Stock; C-2 warrants, exercisable for 12 months at $4.61 per share to purchase an additional 674,620 shares and C-3 warrants, exercisable for five years to purchase up to 75% of the number of shares acquired upon exercise of the C-2 warrants, up to a maximum of 505,965 shares. The shares were sold to institutional and accredited investors located in the U.S. and abroad.

Proceeds from this offering are expected to support ongoing clinical development, regulatory submissions, and potential commercialization of Avicena's lead programs in rare neurological disorders that represent a severe, unmet medical need. Avicena also plans to dedicate a portion of these proceeds towards supporting the launch of its proprietary skin care line, Nurigene.

Belinda Tsao-Nivaggioli, Ph.D., CEO of Avicena, stated, "I am extremely pleased that our Company has obtained additional equity capital to support the significant next phases of the Company's research and commercialization activities."

ABOUT AVICENA

Avicena Group, Inc. (OTC Bulletin Board: AVGO) is a Palo Alto, California- based late stage biotechnology company that develops central nervous system therapeutics for neurodegenerative diseases. Avicena presently derives revenue from the sale of proprietary dermaceutical ingredients to skin care manufacturers.

The announcement of the placement of securities detailed in this press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities. Neither the securities issued in the private placement, or the Common Stock issuable upon exercise or conversion of such securities have been registered under the Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws.

Contact:

The Ruth Group (on behalf of Avicena Group)

Stephanie Carrington / Sara Ephraim / (investors)

(646) 536-7017 / 7002

scarrington@theruthgroup.com or sephraim@theruthgroup.com

Janine McCargo / Jason Rando (media)

(646) 536-7033 / 7025

jmccargo@theruthgroup.com or jrando@theruthgroup.com


'/>"/>
SOURCE Avicena Group, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Cardinal Health likes growth potential of Viasys NeuroCare Group
2. Technology consulting group adds Sanders
3. CIO Leadership Series: Kathi Christian, QTI Group
4. CEO of healthcare group still hopeful IT will save employers money
5. California group says ruling weakens WARFs stem cell patent
6. Instant messaging comes to groups
7. Midwest plays small role in VC investment, angel groups to the rescue
8. Group promoting classified research elects officers
9. Milwaukee regional development group agrees on name
10. Local group building Dane County economic development corp.
11. Bruker AXS to acquire companies, form Microanalysis Group
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... 11, 2017  VMS BioMarketing, a leading provider of patient ... Clinical Nurse Educator (CNE) network, which will launch this week. ... among health care professionals to enhance the patient care experience ... and other health care professionals to help women who have ... ...
(Date:10/11/2017)... (PRWEB) , ... October 11, 2017 , ... ... compared the implantation and pregnancy rates in frozen and fresh in vitro ... of progesterone and maternal age to IVF success. , After comparing the results ...
(Date:10/10/2017)... CA (PRWEB) , ... October ... ... a development-stage cancer-focused pharmaceutical company advancing targeted antibody-drug conjugate (ADC) therapeutics, today ... of targeted HPLN (Hybrid Polymerized Liposomal Nanoparticle), a technology developed in collaboration ...
(Date:10/10/2017)... DALLAS , Oct. 10, 2017 International research firm ... IoT Strategy, will speak at the TMA 2017 Annual Meeting , ... key trends in the residential home security market and how smart safety ... ... "The ...
Breaking Biology Technology:
(Date:8/15/2017)... Aug. 15 2017   ivWatch LLC , a medical device ... therapy, today announced receipt of its ISO 13485 Certification, the global ... International Organization for Standardization (ISO®). ... ivWatch Model 400 Continuous Monitoring device for the early detection of ... "This is an important milestone ...
(Date:5/23/2017)... first robotic gym for the rehabilitation and functional motor sense evaluation of ... Italy . The first 30 robots will be available from June ... . The technology was developed and patented at the IIT laboratories and ... thanks to a 10 million euro investment from entrepreneur Sergio Dompè. ... ...
(Date:4/19/2017)... York , April 19, 2017 ... as its vendor landscape is marked by the presence ... market is however held by five major players - ... Together these companies accounted for nearly 61% of the ... the leading companies in the global military biometrics market ...
Breaking Biology News(10 mins):