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Avitar
Avitar completes $750,000 financing
August 13th, 2006
Avitar, Inc., (AVTI) has completed a financing with accredited investors for the sale of $750,000 of Secured Convertible Notes and 1.5 million 7-year warrants. The proceeds will be used for the marketing and sale of the company's ORALscreen product, the world's first non-invasive, rapid, onsite oral fluid test for "drugs-of-abuse," as well as for general corporate development. The Secured Convertible Notes, like the Notes issued pursuant to the $3-million financing Avitar secured in September 2005, will mature 3 years from the date of issuance and bear interest at 8%. They are secured by the assets of the company. The Notes are convertible into...
Source: Health Insurance Law Weekly (2006-08-13)
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