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GeneNews Eyes $6.8M in Private Placement

NEW YORK (GenomeWeb) – GeneNews today said that it plans to complete a non-brokered private placement of up to 7 million of its common to raise up to C$7.2 million (US$6.8 million) in gross proceeds.

GeneNews priced the shares in the placement at C$1.03. Proceeds will be used for general working capital purposes, and the placement is anticipated to close on or about July 7 or as soon as is practicable after that date.

As of March 31, the Toronto-based molecular diagnostics company had C$1.3 million in cash and cash equivalents. During the first quarter, it reported a sharp increase year over year in its revenues to C$201,852 from C$48,348.