NEW YORK (GenomeWeb News) – GeneNews has accepted subscriptions for a non-brokered private placement of common stock, raising C$2.3 million (US$2.2 million) in gross proceeds.
The amount raised surpasses the proceeds the firm expected to realize when it announced the direct placement two weeks ago. At that time, it said that it expected to raise C$2 million from the offering.
The Toronto-based molecular diagnostics firm said that it will issue an aggregate of 5,134,444 common shares at a price of C$.45 per share.
GeneNews said it will use the proceeds to support marketing initiatives for its ColonSentry test in Canada, the US, Europe, and Asia, and for pipeline development. The firm has already launched the test in Canada and expects to launch it soon in the other noted geographic areas.