NEW YORK – Molecular diagnostic company StageZero Life Sciences announced on Thursday that it has closed a C$1.87 million (US$1.46 million) private financing with an unnamed institutional investor.
The proceeds from the financing will be used to accelerate the firm's global growth strategy and support the commercialization of the Aristotle test and AVRT telehealth platform, the company said in a statement.
The Toronto-based company issued 10 million common shares and warrants at a purchase price of C$.187 per share and associated warrant for the private placement, it said. Each warrant entitles the holder to purchase one common share at an exercise price of C$.2206 per common share for up to four years after the issuance date. H.C. Wainwright acted as the exclusive placement agent for the financing.
"With the formal launch of AVRT in the US now underway and the planned introductions in Canada and the UK, this additional financing will allow us to accelerate adoption by expanding promotion," James Howard-Tripp, chairman and CEO of StageZero Life Sciences, said in a statement.
The firm's Aristotle blood test uses mRNA technology to identify the molecular signatures of multiple cancer types and is built on the Sentinel Principle, StageZero's technology platform. The company also offers its ColonSentry, BreastSentry, and Prostate Health Index tests.