Arrayit Diagnostics Inc. has raised $8 million from American Equity Fund. The deal was announced by parent company Arrayit Corp. Redmond, Ore.-based Arrayit Diagnostics is focused on diagnostic tests for cancer based on molecular diagnostic technology.
Arrayit Corporation (OTCQB: ARYC) is pleased to announce that Arrayit Diagnostics, Inc. (“AD”) has secured a financing commitment from American Equity Fund, LLC to purchase up to $8 million of the common stock of AD. This financing will commence upon the completion, filing, and approval by the SEC of the S-1 Registration Statement. The specific terms and conditions of the financing commitment will be fully disclosed in the Form S-1.
“I am very pleased with the completion of this financing package, as AD now has the necessary financial resources to reach the next critical milestone in the expansion of the research and development of disease states beyond current activities.”
John Howell, President and CEO of AD, stated, “I am very pleased with the completion of this financing package, as AD now has the necessary financial resources to reach the next critical milestone in the expansion of the research and development of disease states beyond current activities.”
Rene Schena, Arrayit Corporation CEO, adds, “This important milestone illustrates the value of microarray-based testing in oncology and other human disease areas. The capital raise in Arrayit Diagnostics represents an important step in our growth strategy.”
About Arrayit Corporation
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. Please visit www.arrayit.com for more information.
About Arrayit Diagnostics
Arrayit Diagnostics, headquartered in Redmond, Oregon, is leading the research and approval process of diagnostic tests for cancer based on molecular diagnostic technology.
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