Ascentia Biomedical raises $1 million from private placement of convertibles

By Sheri Kasprzak

New York, Sept. 14 - Ascentia Biomedical Corp. said it has received an initial investment of $1 million in convertible notes.

The financing will be funded through a series of convertible notes from Winsted Holdings, Inc.

The details of the deal could not be determined by press time Wednesday.

Proceeds will be used for research and development, particularly in anti-cancer compounds. The rest will be used for organizational growth, a statement from Ascentia said.

Based in Bellevue, Wash., Ascentia develops pharmaceutical and biomedical products to treat asthma, arthritis, psoriasis and cancer.

The company's stock remained unchanged at $0.85 on Wednesday.

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