NEW YORK (GenomeWeb) – GeneNews announced today that it has closed the first tranche of a previously announced private placement, raising C$560,000 (US$426,000) after issuing approximately 5.6 million common shares for C$.10 each. The proceeds will be used as working capital.

The Canadian molecular diagnostics firm also said it has executed a term sheet with Alumina Partners for a second tranche of the offering, where it will draw down on US$10 million in structured, unsecured convertible notes in installments of US$200,000 over a period of 24 months.

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