TORONTO, ON / ACCESSWIRE / March 25, 2019 / GeneNews Limited (TSX: GEN) (“GeneNews” or the “Company”) today announced the closing of a $1.0 million strategic private placement financing round and, due to high demand, have launched and expect 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 $1.0 million. The private placement was structured as units at $0.05 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 $0.09.
“The private placement is very strategic in its timing, as the company enters a growth phase of commercialization,” says James Howard-Tripp, Chief Executive Officer of GeneNews Limited. “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 Limited
GeneNews is dedicated to developing and commercializing innovative solutions for early cancer detection. Our 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. As early pioneers in the liquid biopsy space, GeneNews developed one of the first blood-based biomarker test for the early identification of Colorectal Cancer. ColonSentry® uses the company’s proprietary Sentinel Principle technology which is based on the scientific observation that circulating blood reflects, in a detectable way, what is occurring throughout the body. Today, more than 100,000 patients in the U.S. have benefited from the ColonSentry test. GeneNews next generation test, Aristotle, will use this proven technology to test for ten cancers from a single blood sample. In addition to building a pipeline of products for early cancer detection, GeneNews operates a CAP accredited, clinical reference lab based in Richmond, Virginia that offers the ColonSentry® test as well as licensed biomarker tests for lung, breast and prostate cancers. www.GeneNews.com
This press release contains forward-looking statements identified by words such as “expects”, “will” and similar expressions, which reflect the Company’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company’s actual events to differ materially from those projected herein. Investors should consult the Company’s ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
James R. Howard-Tripp
Chairman & CEO
Tel. (905) 209-2030
SOURCE: GeneNews Limited
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