TORONTO--TM Biosciences announced that is has agreed, subject to regulatory approval, to issue up to 18 million special warrants on a private placement basis at 80 cents per special warrant, for aggregate gross proceeds of $14.4 million. The issue and sale of more than 12 million of the special warrants for proceeds of $10.1 million will be by way of a private placement underwritten by Yorkton Securities. The remaining warrants will be purchased by Canadian Medical Discoveries Fund for proceeds of $4.3 million. TM designs, develops, and commercializes DNA products for medical diagnostics, therapeutics, biochips, functional genomics, and bioinformatics.
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