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Arrayit Diagnostics Scores $8M Financing Commitment

NEW YORK (GenomeWeb News) – Arrayit Corp. said today that American Equity Fund has committed to purchasing up to $8 million of Arrayit Diagnostics' common stock.

The financing will commence upon the completion, filing, and approval by the US Securities and Exchange Commission of the Form S-1, which will disclose the terms of the financing.

Redmond, Ore.-based Arrayit Diagnostics was spun out as a stand-alone operation in December with a focus on commercializing the OvaDx ovarian cancer pre-symptomatic diagnostic test.

In a statement, Arrayit Diagnostics President and CEO John Howell said that the financing provides the company with the resources needed "to reach the next critical milestone in the expansion of the research and development of disease states beyond current activities."

Rene Schena, CEO of Arrayit Corp., added, "This important milestone illustrates the value of microarray-based testing in oncology and other human disease areas. The capital raise in Arrayit Diagnostics represents an important step in our growth strategy."