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GeneNews to Raise C$7.7M in Private Placement

NEW YORK (GenomeWeb News) – GeneNews today said that it expects to raise gross proceeds of C$7.7 million (US$7.8 million) through a private placement of its common shares.

The Toronto-based molecular diagnostics developer said that it has accepted subscriptions for a non-brokered private placement of its shares. The firm said that the offering will result in the issuance of around 86.3 million common shares from treasury at a price of C$.09 per share.

GeneNews noted that the size of offering was increased from an initial C$6 million target "due to strong demand."

"With a successful launch of our lead product, ColonSentry, into New York and New Jersey earlier this year, we are actively pursuing discussions to broaden the availability of ColonSentry into the rest of the United States in the near term," GeneNews President and CEO Gailina Liew said in a statement. "We are also pursuing technology improvements and will now be able to accelerate the development of new pipeline products based on our proprietary blood-based Sentinel Principle platform technology."

ColonSentry is a blood-based colon cancer stratification test that was brought to market by GeneNews's partner Enzo Clinical labs in April.

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