NEW YORK, Dec. 22 (GenomeWeb News) - Tm Biosciences of Toronto said today it had closed a $CA12 million ($9 million) private placement
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In this placement, the publicly traded company sold 37.5 million shares at $CA.32 per unit, which includes a common share in the capital of the company and a purchase warrant for a half of a common share that can be exercised at the price of $CA.40 per share through June 2005. The $CA12 million figure represented the gross proceeds.
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The company said the financing would be used for further development and commercialization of the company's genetic tests, which are based on its Tm 100 platform.
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The company recently received a $CA 7.3 million investment from Technology Partnerships Canada, a Canadian government funding agency.
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"The proceeds of this financing, together with the recently announced $7.3 million investment from Technology Partnerships Canada (TPC), provide Tm with the financial security to move into profitability," Greg Hines, President and CEO of Tm Bioscience, said in a statement.