Navigation Links
OncoVista, Inc. Closes on $6.8 Million Financing and Acquires Control of a Public Shell Company

Private offering provides new funding as OncoVista, Inc. takes steps

towards public reporting status.

SAN ANTONIO, Aug. 30 /PRNewswire/ -- OncoVista, Inc., a biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies with improved efficacy and reduced toxicity, announced the successful completion of a private placement offering and its acquisition of a control position in a public reporting shell company.

OncoVista completed the private sale of 970,712 units of common stock and warrants to new and existing investors raising approximately $6.8 million in gross proceeds. Participants in the offering included Wexford Capital LLC, CAMOFI Master LDC, Bristol Investment Fund, Ltd., as well as other select institutional and qualified investors. Maxim Group, LLC acted as the company's exclusive placement agent in the offering. Contemporaneously with the closing, OncoVista acquired a control position in Aviation Upgrade Technologies, Inc., a Nevada corporation (OTC Bulletin Board: AVUG) and transferred the former operating subsidiary to its former chief executive officer.

"The closing of our financing and our acquisition of a public reporting company in preparation for our becoming a publicly-traded company marks a very exciting and important milestone in OncoVista's history," said Alexander L. Weis, Ph.D., Chairman of the Board of Directors, President and Chief Executive Officer of OncoVista, Inc. "Targeted oncology therapy is an attractive and growing business segment, and our ability to access the public capital market is a tremendous opportunity for further growth of OncoVista," Dr. Weis said.

About OncoVista, Inc.

A biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies both through the acquisition of rights to technologies and drugs from others and through the development of proprietary products. OncoVista intends to identify, develop and rapidly commercialize innovative therapies for safe and efficacious treatment of cancer. By commercializing novel therapeutics, OncoVista plans to capture a significant share of the U.S. market for cancer therapeutics, currently estimated at $32 billion per year and projected to grow to $70 billion by 2010. In addition, OncoVista's proprietary diagnostic technology is expected to facilitate selection of clinical trial participants, as well as to quantify and predict the response of patients to treatment. OncoVista believes that the development of targeted approaches to the administration of anticancer agents will lead to improved outcomes and/or reduced toxicity.

SOURCE OncoVista, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. NimbleGen closes $8.2m venture round, bringing total to $50m
2. BoneCare doubles options and profits as fiscal year closes
3. DEMO 2003 Closes with Focus on Collaboration and Communication
4. Venture Investors early-stage fund grows to $115 million
5. Two convicted of selling $6 million in counterfeit Rockwell software on eBay
6. NimbleGen to discontinue IPO after Roches $272.5 million acquisition
7. TomoTherapy raises $223 million in IPO
8. Fiserv reports $113.5 million in Q1 profit
9. Investors raise $25 million for biodiesel plant
10. Grow Milwaukee includes millions for tech funding
11. Mirus Bio, Pfizer enter multimillion-dollar research agreement
Post Your Comments:
(Date:11/25/2015)... and HOLLISTON, Mass. , ... Inc. (Nasdaq: HART ), a biotechnology company developing ... CEO Jim McGorry will present at the ... 1, 2015 at 2:30 p.m. PT. The presentation will ... for 30 days. Management will also be available at ...
(Date:11/25/2015)... SAN DIEGO , Nov. 25, 2015 ... that management will participate in a fireside chat discussion ... New York . The discussion is ... Time. .  A replay will ... Contact:  Media Contact:McDavid Stilwell  , Julie NormartVP, Corporate ...
(Date:11/24/2015)... HILLS, N.J. (PRWEB) , ... November 24, 2015 , ... ... as the recipient of the 2016 USGA Green Section Award. Presented annually since 1961, ... golf through his or her work with turfgrass. , Clarke, of Iselin, ...
(Date:11/24/2015)... (PRWEB) , ... November 24, 2015 , ... ... maintain healthy metabolism. But unless it is bound to proteins, copper is also ... Health (NIH), researchers at Worcester Polytechnic Institute (WPI) will conduct a systematic study ...
Breaking Biology Technology:
(Date:11/12/2015)... BOSTON , Nov. 12, 2015  A golden ... for Duchenne muscular dystrophy (DMD) has provided a new ... Boston Children,s Hospital, the Broad Institute of MIT and ... Brazil . Cell, ... some dogs "escape" the disease,s effects. The Boston Children,s ...
(Date:11/11/2015)... Nov. 11, 2015   MedNet Solutions , an innovative ... clinical research, is pleased to announce that it will be ... (PCT) event, to be held November 17-19 in ... view live demonstrations of iMedNet , MedNet,s ... iMedNet has been able to deliver time and ...
(Date:11/9/2015)... DUBLIN , Nov. 09, 2015 /PRNewswire/ ... announced the addition of the "Global ... to their offering. --> ... "Global Law Enforcement Biometrics Market 2015-2019" ... Research and Markets ( ) ...
Breaking Biology News(10 mins):