Genesis Research sells new shares equal to 20% of existing capital at 1 cent apiece

Mon, 09 Jul 2012

July 10 (BusinessDesk) - Genesis Research and Development, the unprofitable developer of gene silencing technology, has placed 9.1 million shares, equivalent to 20 percent of its existing capital, to Delight Grace, a British Virgin Islands-registered firm. The shares were sold at 1 cent apiece, less than half the 2.5 cents they last traded at on June 29, raising $91,000. In notes for discussion at the annual meeting last month, the company said there were “very tight market conditions for funding biotech” and a low share price meant any plac...

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