Navigation Links
OncoVista, Inc. Closes on $6.8 Million Financing and Acquires Control of a Public Shell Company
Date:8/30/2007

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:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... ... 08, 2016 , ... From wearable devices that can improve ... On Thursday, December 15th a panel of entrepreneurs, innovators and a Philadelphia Eagles ... a Smart Talk session. Smart Talk will run from 8:30 – 10:30 a.m. ...
(Date:12/8/2016)... Washington, USA, and CARDIFF, UK (PRWEB) , ... ... ... circuits with very high precision light to control cells — optogenetics — is ... In the current state of the art, spatially patterned light projected via free-space ...
(Date:12/8/2016)... ... December 08, 2016 , ... KBioBox llc announced today ... demand KbioBox developed a sophisticated “3 click” gene dditing off target analysis program ... new website, https://www.kbiobox.com/ and powered by the company’s proprietary BioEngine. ...
(Date:12/8/2016)... , Dec. 8, 2016 Soligenix, Inc. (OTCQB: ... focused on developing and commercializing products to treat rare ... today that it will be hosting an Investor Webcast ... on the origins of innate defense regulators (IDRs) as ... of oral mucositis and the recently announced and published ...
Breaking Biology Technology:
(Date:11/15/2016)... 2016  Synthetic Biologics, Inc. (NYSE MKT: SYN), ... the gut microbiome, today announced the pricing of ... its common stock and warrants to purchase 50,000,000 ... to the public of $1.00 per share and ... the offering, excluding the proceeds, if any from ...
(Date:6/27/2016)... 2016 Research and Markets has announced the ... report to their offering. The ... to grow at a CAGR of 12.28% during the period ... an in-depth market analysis with inputs from industry experts. The report ... years. The report also includes a discussion of the key vendors ...
(Date:6/21/2016)... British Columbia , June 21, 2016 /PRNewswire/ ... appointed to the new role of principal product ... been named the director of customer development. Both ... NuData,s chief technical officer. The moves reflect NuData,s ... teams in response to high customer demand and ...
Breaking Biology News(10 mins):