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Avitar, Inc.
Diagnostics firm announces $700,000 financing, $1.4M in revenue
September 10th, 2003
Avitar, Inc., (AVR) announced that it raised gross proceeds of $700,000 in a private placement of convertible preferred stock and warrants, which were placed with one investor. The securities sold in the private placement were 700 shares of 8% convertible preferred stock and warrants to purchase 4,666,666 shares of common stock. The $700,000 of preferred stock is convertible into common stock at $0.15 per share, subject to adjustments, and the warrants are exercisable at $0.01 per share. Avitar also reported financial results for its second fiscal quarter ended June 30, 2003. Revenues for the third quarter of...
Source: Biotech Week (2003-09-10)
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