OncoVista increases ownership stake in German cancer company
OncoVista Innovative Therapies Inc. has bolstered its ownership stake in AdnaGen AG in Hanover, Germany, the company said Wednesday.
San Antonio-based OncoVista (OTCBB: OVIT) now owns over 95 percent of the issued and outstanding shares of the company, up from 85 percent. Financial terms of the private stock purchase were not disclosed.
"The increase in our ownership of AdnaGen to over 95 percent allows OncoVista to fully realize the revenues resulting from the sale of test kits as well as have control over the use of the AdnaTest technology."
AdnaGen's core expertise is the development of tumor diagnostic kits based on its proprietary technology. The kits can detect biomarkers in circulating tumor cells. The German company has kits for breast, colon and prostate cancer. A kit for ovarian cancer will be available soon.
OncoVista is a biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies and diagnostic equipment payday advance lenders. The company's focus is discovering new treatments that are more effective and less toxic than current cancer treatments on the market.
AdnaGen was founded in 1999 as a privately held biotechnology research and development company. OncoVista acquired a stake in AdnaGen in order to help introduce the tests in the United States.
Web sites: www.oncovista.com, www.adnagen.com