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Tm Bioscience to Raise CA$7.5 Million in Private Placement

NEW YORK, Jan. 19 (GenomeWeb News) - Tm Bioscience expects to raise CA$7.5 million ($6.13 million) through a private placement of 3.5 million common shares with a syndicate of underwriters, the company said today.

 

The Toronto-based genetic test developer said that it would sell the shares at a price of $2.15 each. Tm's shares traded down 6.75 percent at $2.21 in morning trade on the Toronto Stock Exchange.

 

The syndicate of underwriters is led by Orion Securities and includes Dlouhy Merchant Group. Tm expects to close the private placement on Feb. 3.

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