Innovive Pharmaceuticals raises $2.25 million convertibles financing

By Jennifer Chiou

New York, June 29 - Innovive Pharmaceuticals, Inc. announced it has obtained $2.25 million in a convertible note financing.

Paramount BioCapital, Inc. was the placement agent.

"This is a vote of investor confidence in Innovive's progress and plans," said Steven Kelly, Innovive's president and chief executive officer, in a news release.

Innovive recently licensed worldwide rights for the use of INNO-105 or Opioid Growth Factor, a molecule shown to reduce the production of pancreatic cancer cells, in oncology from Penn State University.

INNO-105 slows cell growth and division by interacting with a unique receptor found in several malignant cells, including pancreatic adenocarcinoma, head and neck squamous cell carcinoma, colon cancer, renal cell carcinoma and neuroblastoma.

Innovive Pharmaceuticals is a New York-based biopharmaceutical company.

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