Scottsdale, April 16, 2013 (GLOBE NEWSWIRE) -- Provista Diagnostics, Inc. is pleased to announce the closing of a $6.0 million private round of Series A Preferred financing on April 10, 2013. As the proposed financing was oversubscribed, Provista's Board of Directors agreed to accept an additional $1,000,000 in subscriptions, increasing the total maximum offering amount to $6,000,000. Funding came from re-investment from many of the Company's existing investors along with several new investors. The proceeds from the financing are to be used for prospective clinical trials for the Company's dtectDx - Breast™ and additional product pipeline expansion, as well as, general corporate purposes.
"We are encouraged by the overall level of investor interest in our private placement and are grateful for the continuing support of our existing investors. This support, together with the amount funded, allows management to drive shareholder value with confidence," said Dr. David Reese, Provista's President and CEO.
Provista Diagnostics, Inc. is a privately held molecular diagnostics company focused on developing and commercializing through its dtectDx platform, proprietary diagnostic, prognostic and predictive tests for cancers affecting women, including breast, endometrial and ovarian. Provista also offers diagnostic testing and clinical laboratory services to the pharmaceutical and biotechnology industries through its PDx Reference Laboratory, a CLIA-accredited and GLP capable laboratory, licensed in 49 states to perform human clinical testing. Provista Diagnostics invites interested readers to visit our website at www.provistadx.com to find out more about the Company and our technology.
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.
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.