InnoVet Inc. said it raised more than $5 million after expensesfrom a private placement of common stock to Europeaninvestors.
Oakes, Fitzwilliams & Co. Ltd. of London was the agent for theplacement.
InnoVet (NASDAQ:IVET) of West Palm Beach, Fla., also said itcompleted its previously announced purchase of CambridgeVeterinary Science Ltd. (CVS) of Cambridge, England, and its 75percent owned subsidiary, Cambridge Bionutritional Ltd., for acombination of cash and stock valued at about $2 million.
"First, the acquisition adds products and technology thatcomplement our existing business," said Jesse Houdeshell,InnoVet's president. "And second, InnoVet now has a presencein Europe."
As a result of the CVS acquisition, InnoVet ownsmanufacturing, licensing and marketing rights to Immusureand related products, InnoVet said. Immusure is an oralcompound based on naturally derived immunoglobulins that isused to improve immunity from disease in newborn swine,cattle and horses.
InnoVet researches, develops and markets pharmaceutical,biological and diagnostic products to address the needs of thehuman health, animal health and agriculture markets.
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