OncoVista Innovative Therapies has divested its majority holding of its German subsidiary AdnaGen AG. As a result, the company will receive as much as $65 million in cash, enabling it to develop additional non-toxic and more efficacious treatments for cancer.
"The importance of this transaction should not be underestimated by our shareholders," says Alexander Weis, president and CEO of OncoVista. "The proceeds will allow the Company to not only develop the current anticancer drugs in our portfolio more quickly, but to continue to build and enhance our drug portfolio to the benefit of shareholders and more importantly, patients. I would also like to acknowledge HealthPro Bioventures LLC, which was instrumental in working with OncoVista to structure and negotiate this meaningful transaction for our company."
Texas-based OncoVista specializes in identifying specific biomarkers in the bloodstream carried by circulating tumor cells to detect metastatic tumors, thus allowing an oncologist to develop personalized cancer treatments.
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