Cavit Sciences and McCoy form an agreement to finalize their merger

Cavit Sciences Inc. (CVIT)

Cavit management has been negotiating with Randall McCoy and Joe Connell principle owners of McCoy Enterprises LLC to merge our companies. Maggie Smyth, CEO of Cavit states, “We all feel very good about this fit so we have added a breakup clause to show our commitment to each other”.

“McCoy” has been working on getting final FDA approval for their Cultured Skin Substitute (PermaDerm™). Their CSS has already been given Orphan Drug Status by the FDA and will be indicated for children under 12 years old with 50% or more body surface burned.

Along with the merger agreement “Cavit” and “McCoy” are working together to secure a $16,000,000 Loan to facilitate and get final FDA approval for the first indication of “PermaDerm™” this should be accomplished in the next few days.

Maggie Smyth interim CEO of Cavit states, “This agreement to finalize our merger has been long and hard, but both sides realize that as a team we see a bright and prosperous future for the Shareholders of our Company and the patients who will benefit most from the development of “PermaDerm™”.

Joe Connell, Chief Operations Officer of McCoy, also states “We have taken all serious efforts to see that “PermaDerm™” gets to market as fast as possible for the people that need it. As we grow and develop new indications for our CSS we see our mergered companies as a leader in Skin Cell Regeneration. We expect to have PermaDerm™ available in 2010 for its first indication.”