MISSISSAUGA, Ontario, Nov. 4, 2010 /PRNewswire/ —
CardioGenics Holdings Inc. (OTC Bulletin Board:
CGNH) announced today that it has completed a private placement
under which it has raised $1,930,575. The shares issued in
connection with the private placement do not have registration
rights and are, therefore, subject to the rights and restrictions
of Rule 144. Further, no warrants were issued in connection with
the private placement.
The funding provides the Company with sufficient capital to
complete clinical testing of its QL Care™ Analyzer and its
first cardiovascular test, Troponin-I, and to process the 510K
application for its QL Care™ Analyzer and Troponin-I
test through FDA approval. In addition, the funding will also
permit the Company to commence work on its other three (3)
cardiovascular tests which will be commercialized after the
Company’s Troponin-I test receives FDA approval. The PAI-1 test
will be commercialized after the first heart failure tests receive
FDA approval.
The Company will also be filing a Current Report on Form 8-K
with further details regarding the private placement.
About CardioGenics Holdings Inc.
Through its operating subsidiaries, the Company develops
ultra-sensitive analyzers and other products targeting the
immunoassay segment of the Point-Of-Care IVD testing market. It has
developed the QL Care™ Analyzer, a proprietary and
ultra-sensitive Point-Of-Care immuno-analyzer, which will run a
number of diagnostic tests under development, the first of which
will be a series of cardiovascular diagnostic tests. As part of its
core proprietary technology, the Company has also developed a
proprietary method for silver coating paramagnetic microspheres (a
fundamental platform component of immunoassay equipment), which
improve instrument sensitivity to light. The Company’s principal
offices are
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