Visible Genetics completes $7 million financing:
This article was originally published in Clinica
The Canadian company, Visible Genetics, has completed a $7 million private financing with a group of private and institutional investors. The one-year loan carries 10% interest. The investors also have the right to buy 420,000 shares at $10 each, which is valid up to April 29, 2003. The Toronto company also released its first-quarter results. Sales were $1.1 million, compared with $312,572 for the first quarter of 1997. The company's net loss increased from $1.9 million to $3 million, largely due to the expansion costs of its factory in Toronto and the establishment of a European sales force.