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Verisante Inks Deal for $2.8M in Funding and Chinese Distribution

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NEW YORK (GenomeWeb) – Verisante said this week that it has closed a non-brokered private placement of 2 million common shares at a price of $.15 per share, raising a total of $300,000.

The placement comes in conjunction with the company's agreement with an unnamed strategic partner for exclusive marketing and sales rights to its Raman spectroscopy-based Core cancer detection system and ClearVu endoscopic camera.

This agreement is contingent on Verisante receiving an additional $2.5 million in investment by the end of September 2014. That private placement will be for common shares discounted below the market price at a rate of no greater than 15 percent.

Under the agreement, the unnamed partner will fund the China Food & Drug Administration approval process for products beginning with the Core for lung cancer, including additional clinical trials if needed.

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