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TORONTO, Jan. 11, 2019 /CNW/ - GeneNews Limited (TSX: GEN) ("GeneNews" or the "Company") today announced it has closed the funding amount of CDN$500,000 under the previously announced Convertible Security Funding Agreement (the "Agreement") with Lind Asset Management XI, LLC.
As disclosed on December 28, 2018, under the terms of the Agreement, the Company has issued the convertible security and warrants.
The Agreement and the issuance of securities thereunder has been conditionally approved by the Toronto Stock Exchange and is subject to satisfaction of customary closing conditions.
GeneNews, an innovator in the liquid biopsy space, is committed to becoming a leader in advanced diagnostics and personalized medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. Our mission is to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with personalized clinical intelligence and actionable information to improve health outcomes through the early diagnosis of disease.
Our Richmond, Virginia-based clinical reference lab, Innovative Diagnostic Laboratory (IDL) specializes in advanced molecular diagnostics that helps find, understand, and address cancer risk in patient populations. Currently, IDL offers risk assessment blood tests for four prevalent cancer types - colon, lung, prostate and breast. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews and IDL can be found at www.GeneNews.com and www.myinnovativelab.com, respectively.
This press release contains forward-looking statements identified by words such as "expects", "will", "may" and similar expressions, which reflect the Company's current expectations regarding future events, including with respect to advances under the Agreement, the conversion or buy-back of convertible securities and the Company's status as a foreign private issuer. The forward-looking statements involve risks and uncertainties that could cause actual events to differ materially from those projected herein including the state of the equity capital markets, the receipt of required approvals, the future financial and operating performance of the Company and its subsidiaries, requirements for and availability of additional capital and the general business and political environment including in the healthcare sector. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
SOURCE GeneNews Limited
For further information: Company contact: James R Howard-Tripp, Chairman & CEO., [email protected]