NEW YORK (GenomeWeb News) — OncoMethylome Sciences has raised €8.4 million ($11.6 million) by selling 1.3 million new shares at €6.29 a share to three investors in a private placement, the cancer biomarker company said today.
The company plans to use the funding to continue to develop biomarkers for use in companion diagnostic tests, cancer detection, and treatment.
The investment, which accounts for a 10.1 percent stake in the new company, came from AGF Private Equity, APG Investments, and Fortis Investments Management. AGF bought a 6 percent stake in OncoMethylome, while APG Investments and Fortis acquired a 2.4 percent and 1.7 percent stake in the company, respectively.
Liege, Belgium-based OncoMethylome noted that it currently has no financial debt, and as of the date of the placement it holds roughly €30 million in cash and cash equivalents.