NEW YORK (GenomeWeb News) – Response Genetics today said that it will sell 1,175,512 shares of its common stock to certain institutional investors, raising net proceeds of around $2.2 million.
The Los Angeles-based molecular diagnostics firm said that it would sell the shares at a price of $1.99 each through a registered direct offering to certain, unnamed investors. It expects to close the offering tomorrow.
Response Genetics said the funding will be used to support "expenses and costs associated with its operations" and for general corporate purposes.
The firm's shares were unchanged at $2.15 in early Thursday trade on the Nasdaq.