NEW YORK (GenomeWeb) – Interpace Diagnostics said on Monday that it has entered into a purchase agreement with a single institutional investor to raise about $1.7 million in net proceeds in a direct stock offering.
Under the terms of the deal, the unnamed investor will purchase 2 million shares of Interpace's common stock at $.53 per share and 1.6 million prefunded warrants to purchase common stock at $.52 per share. The offering is anticipated to close on or about Dec. 22. Maxim Group acted as the exclusive placement agent for the offering.
Interpace said that net proceeds will go toward working capital, repayment of debt, and general corporate purposes.
The company was warned last month by Nasdaq that it did not meet a listing requirement calling for a minimum of $2.5 million in stockholders' equity, and could face being delisted from the exchange. Earlier this month, Aetna agreed to cover Interpace's ThyraMir microRNA classifier test for thyroid nodules.