Scottsdale, Ariz.-based Provista Diagnostics Inc. has raised $2.5 million in Series A financing, the company announced Wednesday. Names of investors were not released. The company said it would use the proceeds to expand its laboratory capabilities and for clinical trials.
Provista Diagnostics, Inc., a provider of oncology-based diagnostic tests and clinical laboratory services to the pharmaceutical and biotechnology industries, today announced that it has sold an additional $2.5 million of Series A preferred stock to qualified institutional and individual investors. This closing brings the total amount raised in the offering to $7.5 million; $5.0 million of Series A preferred stock was previously sold in February and March. Participation in this latest round of funding was offered exclusively to existing shareholders of the company.
“With the addition of capital and the continued support of our shareholders, we are building on the foundation that was carefully laid out earlier this year and remain confident that Provista is favorably positioned to become a leading diagnostics company,” said Dr. David Reese, President and CEO of Provista.
Provista intends to use the proceeds from the financing to further expand its laboratory capabilities and for the completion of the ongoing confirmatoryclinical trial, regulatory submission for dtectDx-Breast (formerly BT Test(r)) and commercialization thereof. The company will allocate the remaining funds for general corporate purposes and the development of pipeline products. Provista’s proprietary dtectDx- Breast detects biomarkers using a blood sample which, when used in conjunction with mammography, can help support the early detection of breast cancer.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any stock in Provista Diagnostics, Inc.
Provista Diagnostics invites interested readers to visit our website at www.provistadx.com to find out more about the Company and our technology.
About Provista Diagnostics, Inc.
Provista Diagnostics, Inc., a Delaware company, develops and commercializes breakthrough, easy to administer blood-based diagnostic tests for early oncology-related disease state recognition and detection purposes. The Company’s focus is on oncology-related diagnostics where a significantly high, unmet clinical need for such testing products exists. Near term development and commercialization efforts focus on women’s cancers such as breast and ovarian cancer.
Safe Harbor Statement
Statements contained in this communication not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and Provista’s actual results may differ materially due to a number of factors, many of which are beyond Provista’s ability to predict or control, including among others, viability and effectiveness of our sales approach and overall marketing strategies, the outcome of development or regulatory review of our products, commercial success or acceptance by the medical community, competitive responses, our ability to raise additional capital, and the ability to successfully file a registration statement with the SEC. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. Provista operates in a highly competitive and rapidly changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Except as is expressly required by the federal securities laws, Provista undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.