TORONTO--Visible Genetics announced the completion of a $7 million debt financing with a group of private and institutional investors. The maker and marketer of high-performance automated DNA sequencing systems here said the funds will be used for expansion of its international sales and marketing operations, research and development, and for general working capital purposes. The company will now focus on further expanding the company's presence in the HIV, HPV, and HLA genotyping areas, as well as work to develop new applications for its technologies and products, President John Stevens said.
The loan bears interest at an annual rate of 10 percent and is due in 12 months. In addition, the investors received 420,000 warrants to purchase an equivalent number of common shares until April 29, 2003 at $10 per share.