Navigation Links
Avicena Group Announces Closing of Private Offering

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."


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.


The Ruth Group (on behalf of Avicena Group)

Stephanie Carrington / Sara Ephraim / (investors)

(646) 536-7017 / 7002 or

Janine McCargo / Jason Rando (media)

(646) 536-7033 / 7025 or

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:
(Date:11/24/2015)... --> --> ... by Transparency Market Research, the global non-invasive prenatal testing ... 17.5% during the period between 2014 and 2022. The ... Analysis, Size, Volume, Share, Growth, Trends and Forecast 2014 ... to reach a valuation of US$2.38 bn by 2022. ...
(Date:11/24/2015)... ... November 24, 2015 , ... In harsh industrial ... points for in-line sensors can represent a weak spot where leaking process media ... of retractable sensor housings , which are designed to tolerate extreme process conditions. ...
(Date:11/24/2015)... LOS ANGELES , Nov. 24, 2015 ... a biotechnology company focused on the discovery, development and ... Marban , Ph.D., Chief Executive Officer, is scheduled to ... December 1, 2015 at 10:50 a.m. EST, at The ... York City . . ...
(Date:11/24/2015)... ... , ... Whitehouse Laboratories is pleased to announce that it has completed construction ... dedicated to basic USP 61, USP 62 and USP 51 testing specific to raw ... and micro testing performed by one supplier. Management has formally announced that ...
Breaking Biology Technology:
(Date:11/9/2015)... 09, 2015 ... the "Global Law Enforcement Biometrics Market ... --> ) has announced the ... Biometrics Market 2015-2019" report to their ... ( ) has announced the addition ...
(Date:10/29/2015)...   MedNet Solutions , an innovative SaaS-based eClinical ... research, is pleased to announce that it has been ... one of only three finalists for a 2015 ... Growing" category. The Tekne Awards honor Minnesota ... innovation and leadership. iMedNet™ eClinical ...
(Date:10/29/2015)... Oct. 29, 2015  Connected health pioneer, Joseph ... explosion of technology-enabled health and wellness, and the business ... The Internet of Healthy Things . ... smartphones even existed, Dr. Kvedar, vice president, Connected Health, ... care delivery, moving care from the hospital or doctor,s ...
Breaking Biology News(10 mins):