NEW YORK (GenomeWeb News) – UK firm Epistem today announced its intention to raise £4.2 million ($6.7 million) in net proceeds in preparation of the launch of its molecular diagnostics platform and a tuberculosis assay.

The company will place 793,398 new ordinary shares of its stock at 1.5 pence each with new and existing investors. The shares have been conditionally placed at a price of 545 pence per share, a 4 percent discount to Epistem's closing price on Dec. 6, the company said.

Peel Hunt is underwriting the placement.

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