NEW YORK--(BUSINESS WIRE)--June 29, 2006--INNOVIVE Pharmaceuticals Inc., a biopharmaceutical company headquartered in Manhattan, announced today that it has completed a Series A Convertible Preferred Stock private placement offering with gross proceeds of approximately $13.5 million. The net proceeds will be used for research and development, licensing fees and expenses, and for working capital and general corporate purposes. Paramount BioCapital Inc. served as the lead placement agent with Punk, Ziegel & Co. serving as co-placement agent. Investors in the offering included a variety of institutional investors. The securities offered have not been registered under the Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States unless registered under the Securities Act of 1933 and applicable state securities laws, or an exemption from such registration is available.
