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news.SQI Diagnostics, a medical systems automation company, has raised gross proceeds of C$1.66 million in the second tranche of a previously announced non-brokered private placement. The total gross proceeds raised by the company under the private placement are C$4.66 million.
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Under the second tranche of the private placement, the company issued 1.33 million common shares at a price of $1.25 per common share. The common shares issued pursuant to the second tranche of the private placement are subject to a four-month hold period which expires on May 22, 2009.
Proceeds from the private placement will be used by the company to advance the commercialization of additional autoimmune multiplexed assays, to manufacture automated SQiDworks platforms to satisfy potential customer demand and to focus on sales and marketing initiatives in North America.