OncoVista Innovative Therapies Inc (OTCMKTS:OVIT) recently revealed some relieving news to its investors. The company has finally settled its 3-year litigation in the New York Supreme Court, which resulted in favor of OVIT. OncoVista also took this opportunity to announce the obtaining of short-term bridge loans, which are planned to be invested in company operations.
OVIT is essentially a bio-medical company, which is in its clinical trial phase. The company, at the moment, has 2-cancer drugs in phase-1 and phase-2 trials. Unfortunately, the diversion of resources towards the litigation had created problems for the company, which has been silent since filing its 10-Q in May. Now that the litigation has been settled, the company can get back to work on its prospective products. As per OncoVista management, the company has a number of strategic development plans in place that would drive rapid growth.
CEO, Alexander Weis, stated that the company will first focus on the most efficient and promising cancer drugs to quickly get a drug in the market. OncoVista’s anti-cancer drugs target each tumor differently. Additionally, the company has made a number of acquisitions and mergers to acquire various technologies for the treatment of cancer. The important thing to note here is that the company’s anti-cancer drugs have received orphan drug designation. This gives the company 7-years market exclusivity. A total of 24 and 22 patients have been enrolled for the phase-1 and phase-2 trials respectively. Unfortunately, the trials are still on administrative hold, due to lack of funds. Fortunately, the end of the litigation and additional funding mean that now the trials can resume. Furthermore, the company wants to broaden the use for both drugs, while developing better delivery mechanisms for the drug.
OncoVista Innovative Therapies Inc (OTCMKTS:OVIT) finished the June 19 session at a share price of $0.620, after registering a rise of 24.02% in share value and trading a total of 454,430 shares in the market.