SINGAPORE, May 14, 2012 /PRNewswire/ -- VolitionRX Limited (VNRX.OB), a life sciences company focused on developing blood-based diagnostic tests, is pleased to announce the closure of a private placement of 582,510 shares at $1.75 per share (a total of US$$1,019,375.00 raised). The proceeds will in part be used to fund clinical trials of VolitionRX's first NuQ™ test kits.
Shares in the offering were priced at $1.75 per ordinary share, which entitles the holder to one share of common stock and a warrant to purchase a half share of common stock at $2.60 per share valid for four years. In addition to the capital raised, thirteen parties including directors, employees and consultants converted salaries and outstanding debt owed to them by VolitionRX on the same terms, for a total of US$184,776.74 converted. Following the closure of the private placement and conversion, there will be 11,174,497 fully-diluted shares in VolitionRX.
Funds raised in the offering will be used for initial clinical trials of VolitionRX's NuQ kits, blood-based diagnostic tests based on VolitionRX's Nucleosomics technology; as well as for ongoing capital needs. The tests fall into 3 main types and are intended to be used together to complement each other and to provide a total diagnostic solution:
Cameron Reynolds, CEO of VolitionRX says: "We're delighted that we have raised over $1 million, which will allow us to begin clinical trials of our tests, both in-house and in independent external trials in multiple centers across Europe and the rest of t
|SOURCE VolitionRX Limited|
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