NEW YORK – Liquid biopsy firm BioMark Diagnostics said Wednesday that it has raised C$1.5 million (US$1.2 million) through a private financing round and new line of credit to help accelerate the commercialization of its lung cancer detection technology.
In a private placement, BioMark issued 5,062,000 units — consisting of one common share of its stock and one full purchase warrant — at a price of C$.25 per unit for gross proceeds of approximately C$1.3 million.
The company said the issued securities will be subject to a hold period of four months and one day. Each purchase warrant entitles its holder to purchase one common share of BioMark at $.45 per share for a period of two years from the closing date of the private placement, subject to an acceleration clause.
In addition, the company secured a non-dilutive line of credit up to C$235,000 through its Quebec City-based, wholly owned subsidiary BioMark Diagnostic Solutions.
The firm intends to use the C$1.5 million to seek lab accreditation, perform an assay validation and verification study, participate in a large-scale lung cancer screening program in Quebec, and perform business development activities in the US.
BioMark President and CEO Rashid Bux said in a statement that the company plans to commercialize its early lung cancer test within 12 to 18 months.