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Response Genetics to Raise $4M in Private Placement

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Response Genetics said that it expects to close today a private placement of its common shares, through which the firm expects to raise $4 million.

The Los Angeles-based molecular diagnostics firm said that it has signed a purchase agreement with certain new and existing investors and funds managed by Landsdowne Partners. It expects to sell to those buyers 3,005,349 of newly issued common shares at a price of $1.31 per share.

Response Genetics did not disclose its intended uses of the proceeds from the placement.

Shares of Response Genetics closed at $1.20 in Friday trade on the Nasdaq.