NEW YORK, Dec. 22 (GenomeWeb News) - Tm Biosciences of Toronto said today it had closed a $CA12 million ($9 million) private placement
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.
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.
The company recently received a $CA 7.3 million investment from Technology Partnerships Canada, a Canadian government funding agency.
"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.