ORONTO, May 1 /PRNewswire/ -- Visible Genetics Inc. ("VGI")
(Nasdaq: VGINF) today announced that it has completed a US$7 million debt
financing with a group of private and institutional investors. The loan bears
interest at a rate of 10% per annum and is due in 12 months. In addition, the
investors received 420,000 warrants to purchase an equivalent number of common
shares until April 29, 2003 at US$10.00 per share. The funds will be used for
expansion of VGI's international sales and marketing operations, research and
development, and for general working capital purposes.
"We are pleased to have quickly concluded this financing and pleased with
the confidence shown by this group of investors," said John Stevens, Chairman
and C.E.O. "We can now focus on further expanding the Company's business
presence in the HIV, HPV, and HLA genotyping areas, as well as working with
multinational corporations to develop new applications and markets for our
technologies and products."
Visible Genetics Inc. manufactures and markets high performance automated
DNA sequencing systems and complete diagnostic kits for the analysis of genes
linked to disease. The Company's OpenGene system employs proprietary
stratified DNA testing and single-tube, single-step sequencing methods to
significantly reduce the time and cost involved in identifying clinically
relevant genetic information. VGI is a leader in the emerging field of
pharmacogenomics which uses genetic information in the identification,
analysis and treatment of medical conditions in order to improve patient care
and reduce healthcare costs.
SOURCE Visible Genetics Inc.
/CONTACT: John K. Stevens, Chairman and CEO, 416-813-3242, or
john@visgen.com, or Jeffrey D. Sherman, Vice President, Finance and CFO,
416-813-3266, or jeffrey@visgen.com, both of Visible Genetics Inc./
/Web site: visgen.com
(VGINF) |
