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stock offering

The Toronto company raised C$721,000 of its previously announced offering that targeted up to C$3 million. 

A single institutional investor will purchase 2 million shares of Interpace's common stock and 1.6 million prefunded warrants to purchase its common stock. 

The company also increased the expected gross proceeds from the offering to $44 million from a previous estimate of $40 million. 

An underwriter will also have a 30-day option to buy as much as $6 million shares of common stock at the public offering price.

The company said it would use the net proceeds from the offering for working capital, and possibly to acquire or invest in other companies or technologies.

The molecular diagnostics company said it will use the proceeds to continue commercializing its Cologuard colorectal cancer test, and to develop new products.