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Telo Genomics Raises $2.1M in Private Placement

NEW YORK — Telo Genomics said on Friday that it has closed the first tranche of a previously announced private placement, raising roughly C$2.1 million ($1.7 million).

The Canadian firm issued 4,185,500 units for C$.50 apiece, with each unit consisting of a common share and half of a warrant to purchase a common share at C$.75 per share. A second tranche is expected to close soon and gross about C$195,000.

Telo said that it would use the proceeds of the private placement to fund its ongoing collaboration with the Mayo Clinic, under which the partners are using the company's proprietary telomere analytics to predict the progression of multiple myeloma.

The money will also be used to build or purchase a CLIA lab, explore the use of Telo's technology for additional indications, and for general working purposes.

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