Finance
Response Genetics Raises $7.8M in Financing
Response Genetics Inc. has entered into purchase agreements with investors to raise more than $7.8 million from the private placement of approximately 5,300,000 newly issued shares of its common stock at a purchase price of $1.50 per share. New investors accounted for the majority of the financing, while existing investors, as well as board members and senior management, made up the remainder. The signing of the purchase agreements occurred on Wednesday, February 1, 2012. Final closing of the...
Xagenic Closes $10M Financing
Xagenic Inc. announced the close of a Series A financing totaling $10 million. The financing was co-led by CTI Life Sciences Fund (CTI) and the Ontario Emerging Technologies Fund (OETF) with significant participation by QIAGEN NV. The funds will be used to develop a molecular diagnostic testing platform and lead tests designed for use in physician offices, clinics and hospital settings. Xagenic is a University of Toronto spinout company based in Toronto. This round of financing builds on a $2.2...
Aria Diagnostics Secures $52.7M in Financing
Aria Diagnostics (formerly Tandem Diagnostics) has secured more than $50 million in oversubscribed Series C funding. New investors include Meritech Capital Partners and a prominent mutual fund group. They join existing investors Venrock and Domain Associates. The company is developing a directed approach to cell-free DNA (cfDNA) analysis in maternal blood to create a safe, highly accurate and affordable test for pregnant women. Aria will use the funds to support product development and prepare...
IVAX Diagnostics Enters into Stock Purchase Agreement Amendment
IVAX Diagnostics Inc. has entered into an Amendment to its Stock Purchase Agreement, dated April 8, 2011, between IVAX Diagnostics and ERBA Diagnostics Mannheim GmbH. As previously reported, pursuant to the Stock Purchase Agreement, IVAX Diagnostics agreed to sell and issue to ERBA Diagnostics Mannheim a total of 20,000,000 shares of IVAX Diagnostics’ common stock at a purchase price of $0.75 per share for an aggregate purchase price of $15 million and warrants to purchase an additional...
LabCorp Enters into $1B Credit Facility
Laboratory Corporation of America Holdings (LabCorp) has entered into a new senior unsecured credit facility totaling $1 billion. Bank of America will act as Administrative Agent and Barclays Capital will serve as Syndication Agent for a group of financial institutions providing the facility. The new facility consists of a five-year Revolving Facility in the principal amount of $1 billion. The new facility will be used for general corporate purposes, including working...
IschemiaCare Receives State Loan for Stroke Test
MedCity News reported that a startup that’s hoping to be the first to commercialize a blood test that can diagnose the cause of stroke has received a state loan for nearly $1 million. The $943,000 in financing for Cincinnati-area IschemiaCare comes through the Innovation Ohio Loan Fund program, which is aimed at helping companies in the state develop next-generation products. IschemiaCare‘s project funded through the loan is expected to create 22 jobs, according to the Ohio...
Response Biomedical Announces Debt Financing
Response Biomedical Corp. has entered into an agreement (the “Note Purchase Agreement”) with affiliates of Orbimed Advisors LLC (the “Lenders”) pursuant to which such affiliates have agreed to loan up to Cdn$2 million to Response by way of a debt financing. The key terms of the debt financing are as follows: (a) concurrently with the execution and delivery of the Note Purchase Agreement, Response is drawing down Cdn$275,000 from the Lenders. Subject to the satisfaction...
BD Board Increases Dividend
The Board of Directors of BD (Becton, Dickinson and Company) has declared a quarterly dividend of 45 cents per common share, an increase of 4 cents per share, or about 10%, from the previous quarter. The dividend will be payable on December 30, 2011 to holders of record on December 12, 2011. At the current rate, the annual dividend for fiscal year 2012 would be $1.80 cents per share. “BD has a strong record of creating value for and returning cash to shareholders, and this marks the 40th...
Sequenom Files $150M Shelf Registration with SEC
According to GenomeWeb Daily News, Sequenom has filed a Form S-3 with the SEC covering the potential sale of securities worth $150 million. Under the shelf registration, Sequenom may from time to time offer up to $150 million of common stock, preferred stock, debt securities, and warrants in any combination. The firm said that it may sell the securities directly to investors or through agents, underwriters, or dealers. Sequenom said that it retains "broad discretion" over the use of...
Biocartis Completes $100 Million Fund Raising
Biocartis announced the completion of EUR 71 million ($100 million) Series C equity fund raising backed by existing investors, new investors and industrial collaborators and partners. Investors in the round were Debiopharm Group, Philips, Johnson & Johnson Development Corporation (JJDC), the Wellcome Trust, Korys (investment holding of the Colruyt family), Valiance, Biovest, the family office of Dr. Paul Janssen, IHL SA (Luc Verelst), PMV, New Rhein Healthcare, certain members of the...