Markham, ON, April 4, 2006 – NOVX Systems Inc., a leading developer of medical device platforms and solutions, announced today that it has secured a US$2.5 million venture loan from MMV Financial Inc.
“We are delighted to have closed this financing,” said Dr. Tino Alavie, President and CEO. “MMV’s investment team was able to understand our business and respond to our needs. The additional capital provided will enable us to rapidly execute our business plan as we transition from product development and testing, to commercialization and market penetration,” added Dr. Alavie.
“Novx’s immunoassay testing platform is a comprehensive, fully automated, solution that offers tremendous value to the drugs of abuse testing market,” said Ron Patterson, Executive Vice President, MMV Financial. “Novx has a strong management team led by a proven serial entrepreneur, offers a unique technology value proposition, and has a clear market focus. Given these factors, we believe the company is well positioned for tremendous market growth”.
About NOVX Systems Inc.
NOVX Systems is a leading edge developer of advanced solutions combining state-of–the-art photonics, innovative chemistry and customer focused design with a comprehensive data management interface. The company occupies a 27,000 square foot ISO 9001:2000 and ISO 13485:2003 registered facility in Markham, Ontario, Canada. NOVX Systems has an extensive portfolio of optical, electronic, and chemically related patents pending. For more information visit http://www.novxsystems.com/ or contact:
Dr. Tino Alavie
President and Chief Executive Officer
Tel: (905) 474-5051 firstname.lastname@example.org
About MMV Financial Inc.:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. For more information visit www.mmvf.com or contact:
Executive Vice President
Tel: (416) email@example.com