Seeking Alpha

MissionIR's  Instablog

MissionIR
Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
MissionIR
My blog:
MissionIR Blog
  • AtheroNova, Inc. (AHRO) Completes $2.95M Sale Of Common Stock To Accredited Investors 0 comments
    Oct 31, 2012 2:11 AM | about stocks: AHRO

    AtheroNova, through its wholly-owned subsidiary, AtheroNova Operations, is a development stage company currently researching novel patents-pending applications of certain natural compounds to regress atherosclerotic plaque deposits, a process called delipidization. To prepare for human trials, and to validate the findings of its initial study, AtheroNova is currently in the process of conducting two additional animal studies. The company plans to develop multiple applications for its compounds which are to be used in pharmaceutical-grade products for the treatment of atherosclerosis.

    AtheroNova recently announced that it had completed a sale to accredited investors of an aggregate of 5,850,000 units, which are composed of one share of the Company's common stock and a warrant to purchase 0.5 shares of common stock. The private placement raised a total of $2,925,000 million with net proceeds of approximately $2.0 million, after deducting fees and expenses and conversion of bridge loans that were previously advanced to the company. AtheroNova noted that net proceeds are expected to be used as working capital and for continued development of the company's compounds.

    Thomas W. Gardner, Chief Executive Officer of AtheroNova, stated, "We are pleased to announce the completion of this fund raise as it clearly provides the runway through our upcoming milestones and gives us the capital necessary to move through both Phase I and II clinical trials. Our partnership with Maxwell Biotech Group's CardioNova subsidiary for funding of the clinical trials, along with these private placement funds, gives us the capital to move our primary compound to the end of Phase II as well as allowing for development of existing and additional intellectual property on our allowed patent for lipid modulation."

    Additionally, the company announced its support for an additional preclinical study to expand on the uses of compounds under the company's pending patents. The study is to be conducted at UCLA's The David Geffen School of Medicine on a contractual basis.

    AtheroNova also recently presented at two conferences: Thomas W. Gardner, Chairman and CEO, presented at the 2012 Aegis Health Conference in Las Vegas, NV, and Mark Selawski, CFO, presented at the Rodman & Renshaw 14th Annual Healthcare and Global Investment Conference held in New York City.

    Mr. Gardner and Mr. Selawski both discussed exciting near term milestones for AHRO-001, the company's lead compound for regression of atherosclerotic plaque, as well as the company's pipeline and development plans.

    For more information on AtheroNova, visit www.atheronova.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: AHRO
Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.