3D Signatures closes private placement
3D Signatures’ (TSXV:DXD; OTCQB:TDSGF; FSE:3D0) non-brokered private placement has been fully subscribed for and has closed for gross proceeds of $1,622,673.
The private placement involved the sale of 8,113,365 units at a price of 20 cents a unit, with each unit consisting of one common share and one warrant exercisable at 35 cents until Dec. 5, 2022.
The company expects that about $750,000 of the private placement will be used to fund clinical expenses, including its test for Hodgkin’s lymphoma, Telo-HL, which requires validation of the scoring model as well as analytical validation prior to expected commercial launch as a laboratory developed test (LDT) in the first quarter of 2018. The balance of the private placement is expected to be used to fund general working capital expenses.
“We greatly appreciate the confidence shown in 3DS by investors who participated in this financing,” Jason Flowerday, CEO, said in a statement. “This financing has provided us with resources to continue implementing our strategic plan, which includes the anticipated commercial launch of our Hodgkin’s lymphoma test as an LDT in the first quarter of 2018.”