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OncoVista completed the private sale of 970,712 units of common stock andwarrants to new and existing investors raising approximately $6.8 million ingross proceeds. Participants in the offering included Wexford Capital LLC,CAMOFI Master LDC, Bristol Investment Fund, Ltd., as well as other selectinstitutional and qualified investors. Maxim Group, LLC acted as thecompany's exclusive placement agent in the offering. Contemporaneously withthe closing, OncoVista acquired a control position in Aviation UpgradeTechnologies, Inc., a Nevada corporation (OTC Bulletin Board: AVUG) andtransferred the former operating subsidiary to its former chief executiveofficer.
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"The closing of our financing and our acquisition of a public reportingcompany in preparation for our becoming a publicly-traded company marks a veryexciting and important milestone in OncoVista's history," said Alexander L.Weis, Ph.D., Chairman of the Board of Directors, President and Chief ExecutiveOfficer of OncoVista, Inc. "Targeted oncology therapy is an attractive andgrowing business segment, and our ability to access the public capital marketis a tremendous opportunity for further growth of OncoVista," Dr. Weis said.
About OncoVista, Inc.
A biopharmaceutical company engaged in the development andcommercialization of targeted cancer therapies both through the acquisition ofrights to technologies and drugs from others and through the development ofproprietary products. OncoVista intends to identify, develop and rapidlycommercialize innovative therapies for safe and efficacious treatment ofcancer. By commercializing novel therapeutics, OncoVista plans to capture asignificant share of the U.S. market for cancer therapeutics, currentlyestimated at $32 billion per year and projected to grow to $70 billion by2010. In addition, OncoVista's proprietary diagnostic technology is expectedto facilitate selection of clinical trial participants, as well as to quantifyand predict the response of patients to treatment. OncoVista believes thatthe development of targeted approaches to the administration of anticanceragents will lead to improved outcomes and/or reduced toxicity.
SOURCE OncoVista, Inc.
