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Response Genetics Raises $4M in Private Placement

NEW YORK (GenomeWeb News) – Response Genetics has entered into an agreement to sell $4 million of common stock through a private placement, the Los Angeles-based molecular diagnostics firm said this week.

Response Genetics said that it had inked an agreement with certain funds managed by Lansdowne Partners to acquire 3,057,907 shares of newly issued common stock for $1.30 per share.

The firm did not provide details regarding the use of the proceeds.

Response Genetics undertook a restructuring earlier this year, in which it closed its UK facility and laid off all nine of its employees there. The firm consolidated its services at its CLIA-certified laboratory facilities in Los Angeles and planned to expand its US sales force.