NEW YORK (GenomeWeb) – Personalized medicine company 3D Signatures announced late yesterday that it has sold 2 million shares of its common stock in a private placement to French biotechnology company ScreenCell for gross proceeds of C$500,000 (US$400,198).
3DS is developing diagnostic and prognostic tests based on a proprietary platform that analyzes the spatial patterns of chromosomes by tagging and imaging their telomeres. The proceeds from the placement, under which the stock was sold for C$.25 per share, will be used primarily to fund 3DS' clinical operations, namely its Hodgkin's lymphoma test clinical trial, including clinical wages and laboratory expenses. The rest will be used for general working capital.
ScreenCell has been working with 3DS since the company was founded and supplies it with a screening system for the capture and isolation of circulating tumor cells from blood.
"It's a strong endorsement of 3DS when a major supplier and technology collaborator makes a financial investment in the company," 3DS CEO Jason Flowerday said in a statement. "ScreenCell is a leader in its field and we look forward to a continued partnership."
In July, the company filed paperwork with Canadian regulators to privately sell up to 12.5 million shares of its common stock in the US for a total of C$5 million.