CardioGenics Holdings Inc. (OTC:CGNH) sold about $2 million worth of company stock in a private placement.
The Mississauga, Ont.-based IVD test maker said it will use the proceeds to finish clinical testing of its QL Care analyzer, a portable point-of-care immunoanalyzer, along with an additional test to determine heart failure called Troponin-I.
CardioGenics officials said the proceeds, about $1.9 million, will go toward obtaining 510(k) clearance from the Food & Drug Administration for the device and heart failure test, as well as three additional cardiovascular tests, according to a press release.