Implant Sciences Corporation (IMX) Discusses Recent Sale of the Company's Common Stock by CorNova
3/8/2007 1:17:29 PM
WAKEFIELD, Mass.--(BUSINESS WIRE)--Implant Sciences Corporation (AMEX: IMX) a developer and manufacturer of products for national security, semiconductor and medical industries, announced today its understanding that CorNova Inc. (“CorNova”), a privately-held company focused on the development and marketing of innovative endovascular diagnostics and treatments, has sold approximately 75,000 shares of Implant’s common stock over the past two (2) days through its broker. In March 2004 and February 2005, CorNova acquired approximately 87,000 shares, in the aggregate, of Implant’s common stock in connection with (i) the capitalization of CorNova in March 2004 and (ii) the successful completion of a financing by CorNova in February 2005. The Company understands that the liquidation of Implant’s common stock by CorNova is to provide funding for CorNova’s working capital. CorNova continues to hold approximately 12,000 shares of Implant’s common stock, whose disposition we believe is imminent.