| AndaGen AG Completes Successful Financial Restructuring |
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Eliminates over four million Euros in debt from balance sheet San Antonio, Texas and Hanover, Germany - May 4, 2009 - AdnaGen AG announced today the completion of its debt restructuring efforts. AdnaGen AG, developer and marketer of blood test diagnostics kits for the identification and molecular analysis of circulating tumor cells, substantially reduced its debt by exchanging €4.2 million of debt and related accrued interest for equity. This event is a significant milestone in completing the financial turn-around and corporate renewal for AdnaGen. OncoVista, Inc., AdnaGen’s 95% majority shareholder, together with financial investors Technologie-Beteiligungs-Gesellschaft mbH, Mittelstandische Beteilgungsgesellschaft Niedersachsen and Biomed Venture GmbH joined forces to position AdnaGen with the ability to secure additional financing to support the Company’s growth strategy This event provides a structure for AdnaGen to proceed with a potential road show and raise additional capital. Alexander Weis, CEO and Chairman of OncoVista, Inc., took control of AdnaGen’s management and operations as of February 2009 in order to orchestrate the turnaround. Dr. Weis stated: “Since January 2009, we have gained new customers in labs and clinics resulting in a tripling of monthly sales of AdnaGen products within one financial quarter. This financial turnaround has been a challenge; however its successful completion demonstrates the renewed trust in AdnaGen’s business potential as well as in the flexibility of our investors. Having achieved this debt restructuring, we can now concentrate on moving forward to fully optimize AdnaGen operations, achieve mid-term cash break-even and gain new investors for our current financing round. We strongly believe that patients, physicians, our business partners and investors will all benefit from this and future successes.” About AdnaGen AdnaGen was founded in 1999 as a privately-held biotechnology research and development company based in Langenhagen, Germany. AdnaGen was recently acquired by OncoVista, Inc. and is now a part of an integrated healthcare organization. AdnaGen offers test systems that facilitate a personalized approach to treatment of cancer. AdnaGen´s core expertise is the development of innovative tumor diagnostics by utilizing its proprietary technology for the detection and molecular analysis of biomarkers in circulating tumor cells (CTC). Kits for breast (AdnaTest BreastCancer), colon (AdnaTest ColonCancer) and prostate cancer (AdnaTest ProstateCancer) as well as an add-on kit for the detection of steroid receptors (AdnaTest ER/PR) on CTC are CE-marked and currently marketed in Europe. . AdnaGen is ISO 9001 and EN 13485 certified. For more information, go to www.adnagen.com About OncoVista, Inc.
For further information, please contact: AdnaGen OncoVista, Inc. Dr. Alexander Weis Dr. Alexander Weis Tel: + 49 (0)511 72595088 Tel: + 1 210.677.6000 E-Mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it E-Mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Web: www.adnagen.com Web: www.oncovista.com Forward-Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements |