Response Genetics, Inc. recently announced that it has, through purchase agreements with investors, raised more than $7.8 million from the private placement of approximately 5,300,000 newly issued shares of common stock. The purchase price for the stock was $1.50 per share, significantly higher than market price before the deal was publicly announced.
Founded in 1999, Los Angeles-based Response Genetics is focused on the production of molecular diagnostic tests for cancer; the company’s products are able to test genetic material harvested from tumor samples. Response also offers its pharmaceutical testing of clinical trial specimen services to the industry in general.
Signing of the purchase agreements took place on February 1, with new investors making up the bulk of the financing; final closing of the shares is anticipated to take place on or before February 6.
Thomas Bologna, CEO of Response Genetics, said, “We are very pleased with this financing. One of the first things we wanted to do was to strengthen our balance sheet, which we’ve accomplished. We plan to use the proceeds to help us move forward in strengthening and building our business.”
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