NEW YORK (GenomeWeb News) – An affiliate of the DNA Medicine Institute plans to raise $1 million through a private stock offering, the Cambridge, Mass.-based firm disclosed in a document filed with the US Securities and Exchange Commission.
The company did not disclose how it will use proceeds from the offering, but said that it is not being made in connection with a business combination transaction such as a merger or acquisition.
The name of the issuer listed in the filing is DMI Dx LLC, with an address care of the DNA Medicine Institute. Calls to the company to clarify the exact relationship between the firms were not returned by the time this article was published Thursday afternoon. There also is no further information on DMI Dx on the DNA Medicine Institute's website.
The filing lists DMI Dx as having been incorporated this year, and as having no revenues.
Eugene Chan is listed as president of the DNA Medicine Institute and manager of DMI Dx. Chan is a founder and former chairman and CEO of US Genomics, a Woburn, Mass.-based genetic analysis technologies firm.
According to the filing, the minimum investment amount from anyone outside of the company is $25,000. The offer is not expected to last more than one year.