BioCentury
ARTICLE | Financial News

Venaxis raises $20 million in follow-on

April 4, 2014 12:34 AM UTC

Venaxis Inc. (NASDAQ:APPY) raised $20 million through the sale of 8.3 million shares at $2.40 in a follow-on underwritten by Canaccord and Craig-Hallum Capital. Venaxis proposed the offering late Wednesday, when its share price was $2.71.

Earlier this week, Venaxis submitted a 510(k) application to FDA for its APPY1 Test to identify patients that are at low risk for appendicitis. Last month, Venaxis said the APPY1 Test had a negative predictive value (NPV) of 97.3% for identifying patients at low risk for appendicitis in a pivotal U.S. trial. The multi-marker, blood-based test panel already has CE Mark approval in Europe (see BioCentury Extra, March 13). ...