SAN ANTONIO--(BUSINESS WIRE)--Oncovista Innovative Therapies, Inc. (OTCBB:OVIT) (“OncoVista” or the “Company”) is pleased to announce that it currently is being courted by three funding sources for a significant equity financing, one of which has provided a very compelling term sheet. The Company also is in the process of finalizing a bridge loan for operations and has commitments pledged. The Company expects to have signed term sheets for both financings within 30 days.
Oncovista also continues to work with Financial Advisor, Great Plains Capital, in assessing merger and acquisition opportunities and other strategic alternatives that would add greater value to the portfolio.
Dr. Alexander L. Weis, CEO of Oncovista, commented: “We are pleased to see so much interest from funding sources in Oncovista, and I am confident these new potential partners will be pleased with the Company’s prospects. We have one of the best development teams in the country and our superior science is something that any investor should be excited about.”
About Oncovista
Oncovista Innovative Therapies, Inc., a biopharmaceutical company that develops targeted anticancer therapies by utilizing tumor-associated biomarkers. Its drug candidate pipeline includes Cordycepin (OVI-123), which is in Phase I/II clinical trials for the treatment of Refractory TdT Positive Leukemias; and L-Nucleoside Conjugates (OVI-117) that is in Phase I clinical development for the treatment of Colon Cancer. The company was founded in 2004 and is based in San Antonio, Texas.
Contacts
Oncovista Innovative Therapies, Inc.
Alexander L. Weis, Ph.D., 210-863-6813
Chief Executive Officer
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