INNOVIVE Pharmaceuticals Closes $15 Million Equity Financing
INNOVIVE Pharmaceuticals, Inc. recently announced that the company has closed a common stock private placement offering generating $15 million in gross proceeds to be applied to the working capital of the company. The financing was completed with a number of leading health care focused institutional and retail investors. Paramount BioCapital Inc. served as the sole placement agent in this transaction.
“This financing provides us with resources to continue the planned rapid advancement of our robust pipeline of hematology and oncology drug candidates,” said Steven Kelly, President and CEO of INNOVIVE Pharmaceuticals. “In the coming months, we plan to move forward with our development plan for INNO-406, including initiation of two pivotal trials for chronic myelogenous leukemia and manufacturing and regulatory activities to support the trials. We also plan to initiate a Phase II trial with INNO-206 in small cell lung cancer and a pivotal trial with Tamibarotene for acute promyelocytic leukemia.”
The terms of the offering include the issuance of approximately 5.5 million units of common stock and warrants. Each unit consists of one share of INNOVIVE common stock and one warrant to purchase one-half of a share of INNOVIVE common stock. The units were sold at a price of $2.73 per unit and the warrants are immediately exercisable for a period of five years at an exercise price of $3.75 per share. The shares of common stock and warrants sold in the financing 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 without registration under or exemption from the Securities Act, or any applicable securities laws. The company has agreed to file a registration statement with the SEC for the resale of the shares of common stock and the shares of common stock underlying the warrants sold in the transaction.
INNOVIVE Pharmaceuticals, Inc. acquires, develops and commercializes novel therapeutics addressing significant unmet medical needs in the fields of oncology and hematology. The company has four drug programs in clinical development: INNO-406, Tamibarotene, INNO-206, and INNO-305, for the treatment of chronic myelogenous leukemia, acute promyelocytic leukemia, small cell lung cancer, and acute myelogenous leukemia, respectively.
For more information, please visit www.innovivepharma.com