NEW YORK (360Dx) – ITUS said today that it has completed an offering of all of the shares of its common stock, pursuant to its at-the-market equity program, netting the company around $3.4 million in net proceeds.
The firm said that it intends to use the proceeds for working capital and general corporate purposes, including repayment of debt; investing in or acquiring companies or technologies that are synergistic with or complementary to its technologies; and ongoing development of its Cchek platform — a series of noninvasive blood tests for the early detection of solid tumor-based cancers, which is based on the body's immunological response to the presence of a malignancy.
ITUS CEO Amit Kumar said in a statement that the funds raised "should provide the company with sufficient capital to fund ongoing operations and pursue other strategic opportunities, including the potential expansion into development of CAR-T cancer therapeutics."
The offering began on Sept. 29 and was sold on the same day.
FBR Capital Markets was the sales agent for the program.Â