Skip to main content
Premium Trial:

Request an Annual Quote

Cardio Diagnostics Enters Private Financing Agreement for up to $11.2M

NEW YORK – Cardio Diagnostics announced on Thursday that it has entered into a securities purchase agreement for up to $11.2 million with an investment fund managed by Yorkville Advisors Global. 

The company agreed to sell and issue convertible debentures to Yorkville in a gross aggregate principal amount of up to $11.2 million. The debentures are convertible into common shares of the company and are subject to various contingencies. The firm will receive 90 percent of the proceeds, Cardio Diagnostics said in a statement. A $5 million convertible debenture was entered into at the initial closing of the agreement, with Cardio Diagnostics receiving $4.5 million. 

The Chicago-based firm, which went public via a merger with a special purpose acquisition company last year, said it plans to use the funding to accelerate the adoption of its PrecisionCHD and Epi+Gen CHD tests and pursue payor coverage. It will also use the proceeds to develop and launch additional tests for other cardiovascular diseases and associated comorbidities using its Integrated Epigenetic-Genetic Engine.

The firm's technology uses epigenetics and DNA methylation markers, along with machine learning tools, to determine a patient's risk of cardiovascular disease. 

"This investment will help expand the reach of our cutting-edge tests, accelerating our mission to transform heart disease prevention and early detection," Cardio Diagnostics CEO Meesha Dogan said in a statement. 

Northland Capital Markets acted as the sole placement agent on the deal.

The Scan

Genes Linked to White-Tailed Jackrabbits' Winter Coat Color Change

Climate change, the researchers noted in Science, may lead to camouflage mismatch and increase predation of white-tailed jackrabbits.

Adenine Base Editor Targets SCID Mutation in New Study

Researchers from the University of California, Los Angeles, report in Cell that adenine base editing was able to produce functional T lymphocytes in a model of severe combined immune deficiency.

Researchers Find Gene Affecting Alkaline Sensitivity in Plants

Researchers from the Chinese Academy of Science have found a locus affecting alkaline-salinity sensitivity, which could aid in efforts to improve crop productivity, as they report in Science.

International Team Proposes Checklist for Returning Genomic Research Results

Researchers in the European Journal of Human Genetics present a checklist to guide the return of genomic research results to study participants.