The story has been updated with the name of the investor.Â
NEW YORK (360Dx) – VolitionRx today announced a definitive agreement for a private placement offering to raise $9 million in gross proceeds.
The deal is with existing accredited investor Cotterford Company. Under the terms of the agreement, VolitionRx is offering 5 million shares of its common stock at $1.80 per share, as well as a warrant to purchase up to an additional 5 million shares of the firm's stock at an exercise price of $3 per share payable in cash.
The warrant will have a term of one year from the closing date and can be exercised for six months starting on the six-month anniversary of the closing date. The placement is anticipated to close on or about Aug. 10.
VolitionRx plans to use net proceeds from the placement for continued product development, clinical studies, product commercialization, working capital, and other general corporate purposes.
In March the company said that it planned to raise $8.4 million in a public offering of its stock. Last month, VolitionRx received $700,000 in funding from the government of the Wallonia region of Belgium where the company is headquartered. Also last month, the firm inked deals with academic partners to conduct large-scale clinical studies of its Nu.Q colorectal screening platform in the Asia-Pacific region.