NEW YORK (GenomeWeb News) — Health Discovery Corporation yesterday said it has closed a $2.1 million equity investment from an unidentified financial institution and private investors.
The company said it also plans to convert into equity $2.1 million of previously issued secured debt.
The Savannah, Ga.-based company said it would use the resulting $4.2 million to “focus on executing a business plan that features more biomarker discoveries, licensing and development opportunities, and continued enhancement and protection of our valuable patent estate.”
CEO Stephen Barnhill said the financing is “a major success” for the company, “particularly in light of today’s highly volatile capital markets.”
The company disclosed last month that its revenue had shrunk to below $11,000 and losses had ballooned to $740,000. At the time, it said it planned to secure up to $2.5 million in private equity and convert around $2 million of its existing debt into equity, which would replenish its coffers from below $70,000 to around $2.6 million.