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Provista Diagnostics (PDx) Inks $5 Million Series A


3/8/2012 6:40:00 AM

PHOENIX--(BUSINESS WIRE)-- Provista Diagnostics, Inc. (“Provista” or the “Company”) today announced that it has entered into purchase agreements with a group of institutional investors to raise $5.0 million dollars in a Series A Preferred financing. Provista intends to use the majority of the funds received for completion of a confirmatory clinical trial and FDA 510(k) submission for the BT Test®. A portion of the proceeds will be used for the repayment of all outstanding short-term debt obligations.

Provista, based in Phoenix, Arizona, is a cancer detection and diagnostics company focused on women’s cancer. The Company has established partnerships that allow access to some of the most innovative biomarkers in the molecular oncology market. Provista’s first product is the BT Test®, a cost-effective blood test that accurately detects the presence of breast cancer and is used in conjunction with mammography.

In connection with the financing, the following members have joined Provista’s Board of Directors: Jeffrey Gilman, an executive at the Louis-Dreyfus Family Office; Anne Busquet, a principal of AMB Advisors, a business consulting firm, and a managing director at Golden Seeds, an angel investment group; and John Macaskill, a managing director at Groton Partners, a merchant bank based in New York. These new members bring extensive experience in business development, finance and marketing.

“We are very pleased with this successful equity raise and the addition of our distinguished new board members,” said Dr. David Reese, President and CEO of Provista Diagnostics, Inc. “Our vision at Provista Diagnostics is to develop innovative diagnostic tests for the early detection and management of cancers in women. The capital infusion and the input by the new members of our board are both important steps in the execution of Provista’s vision.”

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any stock in Provista Diagnostics, Inc.

For more information on Provista, please visit www.provistadx.com.

About Provista Diagnostics, Inc.

Provista Diagnostics, Inc., a Delaware company, develops and commercializes breakthrough, easy to administer blood-based diagnostic tests for early oncology-related disease state recognition and detection purposes. The Company’s focus is on oncology-related diagnostics where a significantly high, unmet clinical need for such testing products exists. Near term development and commercialization efforts focus on women’s cancers such as breast and ovarian cancer, as well as early detection testing for lung cancer.

Forward-Looking Statement Notice

Except for the historical information contained herein, this press release and the statements of representatives of the Company related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions, such as the ability of the Company, to successfully consummate the transactions contemplated by a purchase agreement or to successfully file a registration statement with the SEC, and other statements identified by words such as “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions.

These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

Contact:

Provista Diagnostics, Inc.

Investor Relations:

John Fermanis, 602-224-5500


Read at BioSpace.com


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