Mr. James Howard-Tripp reports
GENENEWS CLOSES FIRST TRANCHE OF $1.0 MILLION STRATEGIC PRIVATE PLACEMENT
GeneNews Ltd. has closed a $1-million strategic private placement financing round and, due to high demand, has launched and expects to close a second tranche by March 29, 2019.
According to the private placement closing, a total of 29 investors participated in the private placement for total gross proceeds of $1-million. The private placement was structured as units at five cents and each unit included one common share and half warrant, whereby each full warrant can be exercised for a period of 36 months at a price of nine cents.
"The private placement is very strategic in its timing as the company enters a growth phase of commercialization," said James Howard-Tripp, chief executive officer of GeneNews. "The funding will provide the company with the necessary finances to support new distribution agreements with telehealth partners and grow existing channels within large practices, health systems and employer groups."
About GeneNews Ltd.
GeneNews is dedicated to developing and commercializing innovative solutions for early cancer detection. The company's mission is to provide advanced diagnostics that can help physicians identify cancer in their patients at the earliest-possible stage, when it is the most curable. In addition to building a pipeline of products for early cancer detection, GeneNews operates a CAP-accredited clinical reference lab based in Richmond, Va., that offers the ColonSentry test as well as licensed biomarker tests for lung, breast and prostate cancers.
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