SAN MARCOS, Calif.--(BUSINESS WIRE)-- ArtVentive Medical Group, Inc. (OTCBB: AVTD) announced today a ten million dollar ($10,000,000 USD) financing agreement with a European financial group. A firm commitment for the first tranche of $1,950,000 is at $.90 per share with the remainder of the financing to be priced at not less than $.90 per share. The pricing will be tied to the then current market price when drawn down by the Company.
The financing will be dedicated to clinical trials and regulatory approvals, prior to commercialization in Europe and North America, with Eastern Europe, Japan, Asia Pacific and Latin America following.
“This financing agreement is a pivotal point in the Company’s growth and paves the way for the timely execution of the targeted 2011 European commercialization of the EOS device,” said Jim Graham, CEO, ArtVentive Medical Group, Inc. “We are pleased with the compounding success that we have achieved and we look forward to the continued expansion of our EOS product line.”
About ArtVentive Medical Group, Inc.
ArtVentive Medical Group, Inc., with corporate headquarters in San Marcos, California, is a multi-faceted medical device corporation committed to developing, manufacturing and marketing a family of endoluminal occlusion devices (EOS).
ArtVentive Medical Group, Inc., through its proprietary technology has developed unique minimally invasive occlusion devices and procedures bringing the current interventional image guided techniques to a new level of sophistication, resolving significant and unaddressed health issues. The EOS is a catheter based self-expandable device, serving for permanent or temporary (reversible) occlusion of body lumens. The patented devices will serve in many cases as a safe and reliable alternative to major surgery. ArtVentive’s EOS devices target a substantive market demand in several major clinical areas, including women’s health, peripheral and neurological vascular disorders in addition to interventional cardiology procedures.
More information about the Company can be found at www.artventivemedical.com.
Forward-Looking Statements
This news release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are based on the beliefs by our management as well as assumptions made by and information currently available to the company. These statements reflect the company’s current views with respect to future events and are not guarantees of future performance. These statements may involve risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the said forward-looking statements. These factors include, among other things, the company’s periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any forward-looking statements. Except as required by law, the company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the company’s filings with the Securities and Exchange Commission which are available from the SEC’s EDGAR database at www.sec.gov, at various SEC reference facilities in the United States.
Contact:
ArtVentive Medical Group, Inc. H.J. (Jim) Graham, CEO 760-471-7700 hjgraham@artventivemedical.com
