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MIV Therapeutics may return to PIPE market for additional capital
By Sheri Kasprzak
New York, Oct. 25 - MIV Therapeutics Inc. said it has plans to conduct private placements to fund its operations over the long term.
"The company intends to raise additional fund through equity financings via private placements, as it may need to raise additional capital to fund operations over the long term," said the company's latest form 10-QSB filed with the Securities and Exchange Commission.
The Vancouver, B.C.-based company conducted two private placements earlier this year.
In the most recent - on Aug. 22 - the company raised $4.14 million from a stock deal, and in March the company raised $1 million from a convertible debenture offering.
The debentures are convertible at $0.25 each.
For the quarter ended Aug. 31, MIV sustained a net loss of $1,415,470 compared to a net loss of $858,853 for the same quarter in 2004. From inception on Jan. 20, 1999 to Aug. 31, 2005, the company has incurred a net loss of $24,292,756.
Based in Vancouver, B.C., MIV develops biocompatible coatings for use in cardiovascular stents.
The company's stock gained a penny on Tuesday to close at $1.51.
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