CANTON, Mass., Sept. 4 /PRNewswire-FirstCall/ -- Avitar, Inc. (Amex: - ) today announced that it has completed the first phase of its capital raising program with the receipt of $1,250,000 in the form of a three (3) year note from Global Capital Funding Group, LP, a Georgia based SBIC.
"Despite the unfavorable climate in today's markets, we are encouraged by the reaction of a number of prospective investors to our business opportunity," said Peter P. Phildius, Chairman & CEO. "We are particularly pleased to have Global Capital Funding Group, LP, as investors in Avitar and we are having on-going discussions with several other investor groups in our efforts to secure the necessary additional capital to accomplish our objectives.
"Our ORALscreen(TM) on-site, drugs of abuse test as well as the recent introduction of our OSR(TM) test reader have received very positive responses, both in the marketplace as well as by potential capital sources," Phildius added.
Avitar, Inc. develops, manufactures and markets innovative and proprietary products in the oral fluid diagnostic market, and the disease and clinical testing market. Oral fluid diagnostics includes the estimated $1.5 billion drugs-of-abuse testing market, which encompasses the corporate workplace and criminal justice markets. Avitar's products include ORALscreen(TM), the world's first non-invasive, rapid, onsite oral fluid test for drugs-of-abuse, and HAIRscreen(TM), a laboratory-based hair test for detecting long-term drug abuse. In the estimated $25 billion In-Vitro diagnostics market, Avitar is developing diagnostic strategies for disease and clinical testing. Some examples include influenza, diabetes and pregnancy. For more information, see Avitar's website at avitarinc.com.
Safe Harbor Statement. This release contains forward looking statements that are subject to risks and uncertainties including the development and marketing of new applications and other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission. In view of such risks and uncertainties, the Company's actual results could differ materially from those anticipated in such forward looking statements.
Chief Financial Officer
Lippert/Heilshorn and Associates