GeneNews

The company signed a US partnership agreement for its portfolio of early cancer detection tests with lab testing services provider Any Lab Test Now.

The company will pay nearly $2.1 million to the liquidating trust for the now-bankrupt HDL in order to resolve outstanding debt from a former joint lab venture.

The Toronto company raised C$721,000 of its previously announced offering that targeted up to C$3 million. 

GeneNews' early patient risk stratification tests for colorectal, lung, and prostate cancers will be offered to patients at NueHealth's provider-owned care centers.

The placement comes about three months after GeneNews secured a C$5 million capital commitment.

The agreement with Global Emerging Markets Yield Fund gives GeneNews the right, with no obligation, to draw funds. If it does, it will also issue warrants to GEM. 

The firm has taken full ownership of its CLIA-certified joint venture laboratory in a bid to bail it out, and is raising money to continue operations.

The company raised gross proceeds of C$560,000, which it will use for working capital purposes, and has plans to go ahead with a second tranche.

GeneNews will also collaborate with the healthcare and management consulting firm to increase test adoption and improve revenue collection.