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Trovagene Closes $3.8M Private Placement

NEW YORK (GenomeWeb News) – Trovagene said after the close of the market Tuesday that it has raised gross proceeds of $3.8 million from a private placement of stock and warrants.

The San Diego-based molecular diagnostics developer placed 940,000 units at a purchase price of $4 per unit. Each consists of one share of unregistered common stock and one warrant to purchase one share of common stock. The warrants are exercisable for five years from the date of closing at an exercise price of $5.32 per share.

"This private placement is well timed to provide Trovagene with sufficient capital to facilitate the availability of transrenal oncogene mutation testing to clinicians through our diagnostic laboratory," Trovagene CEOAntonius Schuh said in a statement. "The company now has cash in excess of $10 million, which we expect will be sufficient to fund our operations well into 2014."

The private placement comes five months after Trovagene completed a public offering of 1.3 million units, which raised around $10.6 million in gross proceeds.

In addition to the oncogene mutations test Trovagene is developing a urine-based HPV test that it plans to offer by the end of the year.

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