BioMark Diagnostics Inc, an advanced stage liquid biopsy company, announced that it has raised $1.5 million in its latest funding round to accelerate the commercialisation of its liquid biopsy technology.
In a disclosure to the CSE, BioMark said the financing round included a non-brokered private placement for gross proceeds of $1,265,500, wherein BioMark issued 5,062,000 units at a price of $ 0.25 per unit.
The securities issued under the private placement will be subject to a hold period of four months and one day. Each unit consists of one common share of BioMark and one-full purchase warrant.
One whole share purchase warrant will entitle the holder thereof to purchase one common share of BioMark at $0.45 per share for a period of two years from the closing date of the private placement, subject to an acceleration clause.
A debt conversion consisting of 1,040,000 units in settlement of the indebtedness in aggregate amount of $260,000 to pay for Due to the Related Party. No Finders’ fees were payable on the private placement.
In conjunction with the private round of financing, the company was also successful in securing a non-dilutive line of credit up to $235,000 through its wholly owned subsidiary BioMark Diagnostic Solutions Inc. in Quebec City, which brings a total of $1,500,500 in working capital.
The fresh funds will be used by the company to prepare the lab accreditation, perform validation and verification study, engage into a large-scale lung cancer screening program in Quebec and perform business development activities in the US.
BioMark is developing proprietary, non-invasive, and accurate liquid biopsy-based cancer diagnostic solutions which can help detect, monitor, and assess treatment for cancer early and cost-effectively.
The technology can also be used for measuring response to treatment and potentially for serial monitoring of cancer survivors.
“This is very encouraging to know that this group of strategic investors have deep conviction on BioMark’s cancer diagnostic platform and its ability to commercialize its dynamic early lung cancer test within the next 12-18 months,” says Rashid Bux CEO and President of BioMark.