GENova and PacificWave sign engagement agreement

GENova Biotherapeutics Inc. ("GENova"), a biotechnology company that develops novel therapeutic proteins that disrupt the advance of life-threatening cancers, today announced it has signed an engagement agreement with PacificWave Partners Limited ("PacWave") for raising a minimum of USD5m to the company as well as actively look for potential buy-out and/or acquisition targets.

The deal will entail an upcoming visit to the US where the management team will be meeting hedge funds and institutional investors, PacWave is confident that with the strength of the management team as well as the liquidity in the company's stock that financing can be secured within a timely fashion and under very favorable terms.

In addition to the fund raising effort, PacWave will approach a number of major pharma companies which are currently active making acquisitions of smaller biotech companies and position GENova as a potential next acquisition target.