NEW YORK – BioMark Diagnostics said Wednesday that it received approximately C$2.9 million ($2.02 million) in a first tranche of financing from a pair of US-based strategic investors.
The tranche consisted of 9,610,000 units, with each unit comprising one common share of the company and one full purchase warrant, at a price of C$.30 per unit. Each warrant entitles the holder to purchase an additional common share at C$.50 per share for three years from the closing date of the current private placement.
The names of the investors were not disclosed.
The Vancouver, Canada-based cancer testing firm said that it would use the funds to support the commercial launch of its lung cancer assay. This multianalyte assay uses plasma samples to perform quantitative detection of cancer-related metabolites using mass spectrometry. Individual metabolite values are then combined with demographic and clinical features into a risk score using a proprietary algorithm.
Funds will also go towards advancing lab certification and commercialization initiatives, expanding BioMark's team, initiating US business development activities, and leveraging matching grants from both federal and provincial programs.
"We are very pleased to welcome these new strategic investors from the US," Rashid Bux, BioMark's president and CEO, said in a statement. "The efficient investment process and their confidence in our early cancer diagnostic platform, coupled with this significant capital injection, will be instrumental in accelerating our commercialization program and our expansion into the US market."