avelin Pharmaceuticals Inc. (JVPH.OB) is pleased to announce that yesterday
it closed its previously announced private placement, having issued and sold
an aggregate of 14,222,215 shares of Common Stock at a price of $2.25 per share,
and warrants for the purchase of 711,111 shares of Common Stock for gross proceeds
of $31,999,984. The warrants are exercisable for five years at an exercise price
of $2.25 per share. As a result of the placement, 40,404,976 shares of Common
Stock are issued and outstanding.