Satellite Banner
Molecular & Clinical Diagnostics
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Toray Makes $5 Million Strategic Investment in Spectral Diagnostics

Published: Monday, March 11, 2013
Last Updated: Monday, March 11, 2013
Bookmark and Share
Private placement expected to close at the beginning of April, 2013.

Spectral Diagnostics Inc. has announced that it has entered into a private placement agreement with Toray Industries, Inc. ("Toray"), pursuant to which Toray will invest $5 million in Spectral.

Under the terms of the private placement (the "Private Placement"), the Company will issue 16,666,667 common shares in the capital of the Company ("Common Shares") to Toray at a price of $0.30 per Common Share, for gross proceeds of $5 million.

The net proceeds of the Private Placement will be used to continue to support the Company's EUPHRATES clinical trial and for general corporate purposes.

Following the closing of the Private Placement, Toray's investment will represent approximately 12.8% of the issued and outstanding Common Shares, calculated on a non-diluted basis.

Under the terms of the Private Placement, Toray will be entitled to nominate one director to the Spectral board for as long as it holds 10% or more of the issued and outstanding Common Shares (calculated on a non-diluted basis).

"This strategic investment not only provides additional funds for our clinical trial, but also strengthens the existing collaborative relationship we have with Toray," said Anthony Businskas, Executive Vice President and CFO of Spectral.

Businskas continued, "We will work with Toray to complete clinical research for U.S. FDA market approval of Toraymyxin, and we will seek to further expand acceptance of the EAATM/ Toraymyxin theranostic in jurisdictions outside of Japan."

Closing of the Private Placement is subject to the approval of the Toronto Stock Exchange and other customary closing conditions. The Private Placement is currently expected to close at the beginning of April, 2013.


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,500+ scientific posters on ePosters
  • More than 5,000+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Spectral Announces Fourth Quarter and Fiscal 2013 Results
Company announces fourth quarter highlights and financial review.
Tuesday, April 01, 2014
Spectral Announces Status of Second Interim Analysis
DSMB evaluates the safety, efficacy and futility of Company’s EUPHRATES trial.
Friday, January 31, 2014
Spectral Announces Third Quarter 2013 Results
Company to disclose information from the second interim analysis in early 2014.
Monday, November 18, 2013
Spectral Announces Second Quarter 2013 Results
Appointment of Dr. Gualtiero Guadagni as the Company's Vice President.
Wednesday, August 14, 2013
Spectral Diagnostics to Present at BioFinance 2012
Conference to be held at the St. Andrew's Club & Conference Centre in Toronto, Ontario.
Monday, May 21, 2012
Spectral Announces First Quarter 2012 Results
Enrollment of patients into the Company's Phase III EUPHRATES trial.
Thursday, May 17, 2012
Spectral Begins Trading on OTCQX
Brean Murray, Carret & Co. will act as Company's PAL and provide guidance on OTCQX requirements.
Tuesday, April 10, 2012
Spectral Announces Fourth Quarter and 2011 Results
Company is expanding its U.S. Phase III EUPHRATES trial to Canadian clinical trial sites.
Monday, March 19, 2012
Scientific News
Over Two-Thirds of Cervical Cancer Deaths Prevented
Cervical screening prevents 70% of cervical cancer deaths and if all eligible women regularly attended screening this would rise to 83%.
Detecting Bacterial Infections in Newborns
Researchers tested an alternative way to diagnose bacterial infections in infants—by analyzing RNA biosignatures from a small blood sample.
Mechanisms of Parkinson’s Pathology
Defects that lead to cells’ failure to decommission faulty mitochondria cause nerve cells to die, triggering the symptoms of Parkinson’s disease.
Case for Liquid Biopsies Builds in Advanced Lung Cancer
Study addresses unmet need for better, non-invasive tests called out in recent "Moonshot" blue ribbon panel report
Genetic Misdiagnoses of Heart Condition
Analysis found several genetic variations previously linked with a heart condition were harmless, leading to condition misdiagnosis.
Opening Door to Oesophageal Cancer Targeted Treatments
Scientists have discovered that oesophageal cancer can be classified into three different subtypes.
Genetic Diversity of Enzymes Alters Metabolic Individuality
ToMMo scientists have shown that genetic polymorphisms, structural location of mutation and effect for phenotype correlate with each other.
IMM Uses Nanowizard® to Evaluate Cardiovascular Disease Risk
JPK Instruments reports on the use of their NanoWizard® AFM system at the Instituto de Medicina Molecular at the University of Lisbon.
$1M NIH Grant to Refine PCR Based Cancer Test
Researchers at Cornell University, Weill Cornell Medicine, the University of California, San Francisco, and the Infectious Diseases Institute in Kampala, Uganda, recieve a four-year, $1 million grant to hone technology for a quick, in-the-field diagnosis of Kaposi's sarcoma — a cancer frequently related to HIV infections.
Zika Reference Strain Sequenced
An international research team has sequenced a strain of Zika for use as a WHO reference strain.
Skyscraper Banner

SELECTBIO Market Reports
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,500+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
5,000+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!