NuView's mission is to change the way cancer is currently diagnosed and treated. The earlier cancer is identified, the better the treatment options are, and the higher the chances for successful outcomes
FREMONT, CA: NuView Life Sciences, a Park City, UT-based clinical-stage, precision oncology company, secured a $90M funding agreement with international investment group GEM Global Yield.
Under the accord, GEM agreed to purchase common shares from NuView on a firm commitment basis with an aggregate value of USD$90m, upon NuView filing a Registration Statement with the U.S. Securities and Exchange Commission (SEC).
The deal provides NuView a 36-month drawdown period, and the company will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation.
The company intends to use the capital to complete a 600-patient in vitro double-blind clinical trial per the U.S. Food and Drug Administration (FDA) approval process. The company will also allocate funds for its vivo diagnostics and Theranostic programs.
"This agreement with GEM helps to secure the funding for continued growth and development of NuView's NV-VPAC1(TM) portfolio. As we focus on moving our in vitro cancer diagnostics into the marketplace, we can simultaneously restart our in vivo diagnostics and Theranostic programs forward," stated Paul Crowe, Chairman, and CEO of NuView.
The NV-VPAC1(TM) test has been successfully utilized for in vitro and in vivo diagnostics detecting multiple types of cancer. In clinical studies, the test showed its ability to detect cancer cells accurately and their location not only inside the body but outside as well, in voided biofluids, confirming the presence of shed cancer cells. NuView is confident the test has the potential for diagnosing a variety of cancers, transforming patient care. The GEM endorsement greatly expedites the process towards potential commercialization.