Elder Law Weekly
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Avitar, Inc.
Drug test developer secures $3M financing package
October 26th, 2005
Avitar, Inc., (AVRN) has secured a financing commitment with accredited investors for the sale of up to $3 million of secured convertible notes and 6,000,000 5-year warrants. The company said the funds would be used for sales and marketing of ORALscreen products and services and general corporate purposes. The company received the first installment of gross proceeds of $1 million on September 23, 2005. The Notes mature 3 years from the date of issuance, bear interest at 8% and are secured by substantially all of the assets of the company. The notes are convertible into shares of common stock of Avitar at the option of the...
Source: Elder Law Weekly (2005-10-26)
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