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.|
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