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.
The company plans to use the proceeds from the sale of 50 million shares to settle aged payables, pay debt interest, and for general corporate purposes.
An opinion piece in the New York Times urges lawmakers to keep genetic protections in place.
Research funding in Canada is to remain mostly the same, ScienceInsider reports.
In Science this week: random DNA replication errors play role in cancer, and more.
The Bill and Melinda Gates Foundation embarks on an open-access publishing path.