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GeneNews Seeks to Raise $2.6M in Rights Offering

NEW YORK (GenomeWeb News) – GeneNews announced after the close of the market on Wednesday a rights offering intended to raise about C$2.5 million (US$2.6 million).

Proceeds from the offering will go toward commercialization of the Toronto-based molecular diagnostics firm's ColonSentry test, a blood-based colon cancer risk stratification test, and for general corporate and administrative expenses, it said.

Under the offering, shareholders of record on the close of business on May 1 will have one right for each share of GeneNews held. Four rights will entitle a holder to purchase one share of the company's stock at C$.11 per share. Exercise of the rights and purchase of the shares must be completed by 5 p.m. EDT, June 5.

Shareholders who exercise their rights in full are also entitled to subscribe pro rata for additional shares, if available, that are not subscribed on or before June 5, GeneNews said.

The company has also entered into a stand-by agreement with Rory Riggs, its chairman, and AWM Investment, which beneficially owns and controls common shares of GeneNews, under which they have agreed to exercise rights and purchase common shares not purchased otherwise, ensuring that the gross proceeds from the offering are at least C$1 million.

Shares of GeneNews closed up 15 percent at C$.15 on the Toronto Stock Exchange in Wednesday trade. But in Thursday morning trade, the shares pulled back to C$.13.

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