NEW YORK, Dec. 26 - Visible Genetics has secured $22 million in a private placement of some 2.6 million common shares, the company said on Wednesday. The funds will be used for general working capital purposes, Visible Genetics said.
The per-share price of $8.34 represents a 16-percent discount to the average closing price over ten days leading up to the offering.
Last month, Visible Genetics, based in Toronto, blamed a dip in sales and services on a slight decrease in third-quarter revenues, which slipped to $2.9 million from $3.0 million in the year-ago quarter. Expenses in the quarter, however, rose to $12.6 million from $10.3 million year over year.
Also for that period, the company posted net losses attributable to common shareholders of $12.6 million, or 76 cents a share, compared net losses of $9.7 million, or 63 cents a share, reported in the same period one year ago.