Offering with GlaxoSmithKline sells 8 million shares at $1.10 apiece
By Devika Patel
Knoxville, Tenn., Sept. 13 - Response Genetics, Inc. said it settled an $8.8 million private placement of stock with GlaxoSmithKline and another investor.
The company sold 8 million common shares at $1.10 apiece. The price per share represents a 22.22% premium to the Sept. 12 closing share price of $0.90.
"We are pleased to welcome GlaxoSmithKline as a new investor, given our long-standing relationship," chairman and chief executive officer Thomas Bologna said in a press release. "The capital raised will help support our continued efforts in building a sustainable business of high-value genetic tests for cancer patients as well as a premier pharmaceutical services business.
"Going forward we will continue to implement additional operational efficiencies, as evidenced by our improved financial performance relative to the fourth and subsequent quarters of last year, and will also increase our focus and efforts on growing top-line revenue," Bologna said.
Response Genetics is a Los Angeles company that researches and develops clinical diagnostic tests for cancer.
| Issuer: | Response Genetics, Inc.
|
| Issue: | Common shares
|
| Amount: | $8.8 million
|
| Shares: | 8 million
|
| Price: | $1.10
|
| Warrants: | No
|
| Investor: | GlaxoSmithKline
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| Settlement date: | Sept. 13
|
| Stock symbol: | Nasdaq: RGDX
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| Stock price: | $0.90 at close Sept. 12
|
| Market capitalization: | $29.76 million
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