NEW YORK – Cancer detection technology firm StageZero Life Sciences said on Thursday it has raised C$2.7 million ($2.1 million) of its targeted C$3.7 million private placement financing round.
The company, which has offices in Richmond Hill, Ontario, added that it expects the round to close by July 19 and the private placement is fully subscribed.
A total of 42 investors participated in the first closing of the private placement, which is structured as units at C$.115 per unit. Each unit comprises one common share and a half warrant. Each warrant can be exercised for a period of 36 months at $.185.
StageZero develops tests for the early detection of cancer and other diseases in whole blood. Its mRNA-based test called Aristotle screens for 10 cancers — colorectal; prostate; cervical; endometrial; breast; ovarian; liver; bladder; nasopharyngeal; and stomach, according to the company'a website. It added Aristotle is currently undergoing validation.
The firm's College of American Pathologists- and CLIA-certified lab is based in Richmond, Virginia.