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Venture Capital News: Provista Diagnostics Adds $2.5M in Series A

          
SCOTTSDALE, AZ, 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
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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.
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