On October 26, 2007, Aviation Upgrade Technologies (AVUG), which ceased all previous business operations on August 16, 2007, entered into an agreement and plan of merger with OncoVista Acquisition, a wholly owned subsidiary of OncoVista. On November 13, OncoVista Acquisition merged with and into a newly-formed, wholly-owned subsidiary of AVUG, and OncoVista is the surviving corporation. As a result of the merger, OncoVista became the wholly-owned subsidiary of AVUG, and OncoVista’s existing business operations became AVUG’s sole line of business. The reverse merger is being accounted for as a recapitalization.
Currently, OncoVista has a product pipeline comprised of Phase I and Phase II clinical-stage compounds, preclinical drug candidates and leads, and diagnostic kits marketed in Europe for the detection of circulating tumor cells in breast and colon cancer patients.
Alexander Weis, CEO of OncoVista, said: “We are very pleased to have completed this transaction, which makes OncoVista a public company engaged in bringing innovative cancer treatments to patients. We intend to develop treatments that increase patient survival rates and enhance patient quality of life due to their lower toxicity and/or greater efficacy.”