NEW YORK (GenomeWeb News) - Curidium Medica said today that it has grossed £2.5 million ($5.1 million) through the sale of 100 million shares at a price of 2.5 pence per share.
The London-based company said it plans to use the proceeds from the stock sale to fund product and business development programs. Part of the new capital will feed new R&D and business development programs for Curidium’s PsychINDx test, a blood-based diagnostic that categorizes patients with schizophrenia/bipolar disorder into four subgroups.
The company said the test is expected to support the development of new drug treatments targeted for the different subgroups.
The test runs on the company’s Homomatrix analysis tool, which uses pattern-recognition algorithms to analyze large sets of gene expression and other biological data from heterogenous populations, according to Curidium’s website.
The financing "will help accelerate the company's development in the personalized medicine space over the near term,” said company executive chairman Gosse Bruinsma in a statement.
The company said the lead investor in the offering will receive options to buy 5 million ordinary shares at 2.5 pence that may be exercised over the next five years.