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Nventa Biopharmaceuticals Corporation (NVN.TO) To Receive $2.8 Million From Escrow Account



8/4/2006 10:40:03 AM

SAN DIEGO, CA, Aug. 4 /PRNewswire-FirstCall/ - Nventa Biopharmaceuticals Corporation announced today that it will receive Cad$2.8 million from GVIC Publications. These funds were being held in escrow in connection with Nventa's corporate reorganization previously announced on March 16, 2006.

In consideration for the release of the escrowed funds at this time, the Company will pay GVIC Cad$200,000 cash plus Cad$100,000 payable in common shares of the Company and will grant to GVIC a warrant to purchase up to 250,000 common shares of the Company at a price per share equal to $0.44. Receipt of the funds is pending Toronto Stock Exchange approval of the issuance of the associated securities.

About Nventa Biopharmaceuticals Corporation:

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Nventa is developing innovative therapeutics for the treatment of viral infections and cancer, with a focus on diseases caused by the human papillomavirus (HPV). The corporation is publicly traded on the Toronto Stock Exchange under the symbol NVN.

For more information about Nventa Biopharmaceuticals Corporation, please visit the Company's website located at www.nventacorp.com.

CONTACT: Donna Slade, Director, Investor Relations, 6055 Lusk Boulevard, San Diego, CA, USA, 92121, Tel: (858) 202-4900, Fax: (858) 450-6849, dslade@nventacorp.com

Nventa Biopharmaceuticals Corporation

CONTACT: Donna Slade, Director, Investor Relations, 6055 Lusk Boulevard,San Diego, CA, USA, 92121, Tel: (858) 202-4900, Fax: (858) 450-6849,dslade@nventacorp.com


Read at BioSpace.com


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