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Biotech / Medical : Visible Genetics Inc.(VGIN) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (189)	5/4/1998 3:17:00 PM
From: LAWREAL	Respond to of 337

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)