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Response Genetics Raises $7.8M

NEW YORK (GenomeWeb News) – Response Genetics today said it has entered into purchase agreements with investors to raise more than $7.8 million.

The agreement is for a private placement of 5.3 million new shares of its common stock priced at $1.50 per share. The financing comes from mostly new investors, the Los Angeles-based molecular diagnostics firm said, with existing investors, board members, and senior management also participating.

The final closing of the shares is expected on Feb. 6.

A new Chairman and CEO, Thomas Bologna, was appointed in December, and today he said in a statement that the company has successfully strengthened its balance sheet, and with the proceeds from the financing Response Genetics will continue "strengthening and building our business."

In early Thursday trade on the Nadsaq shares of Response Genetics were up 27 percent at $1.50.