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Medical equipment industry

Pace Corporation Receives Final Prospectus and Closes Private Placement Financing

Strategic Insights

— 1 min read

The Pace Corporation, an international company that develops and markets medical diagnostic and environmental test kits, has successfully closed its private placement financing to raise gross proceeds of $3,615,000. The financing will be used to further accelerate the company's growth strategies for its heart attack diagnostic tests and lead testing products. According to Dr. Jeremy Clapp, President of Pace, the company is now adequately financed to implement its planned R&D, clinical trials, and market development initiatives for its various products.

Key Takeaways:

  • The Pace Corporation has raised $3,615,000 through a private placement financing led by Sprott Securities Ltd.
  • The funds will be used to complete the acquisition of manufacturing rights for the GPBB-ELISA heart attack diagnostic, fund clinical trials, and develop additional heart attack diagnostic products.
  • Clinical trials for the GPBB-ELISA test are expected to commence within a few weeks, and the company has already begun accelerated development of a quantitative stat cardiac diagnostic panel.
  • Sales of lead test products have increased sharply in recent weeks, and the company expects further sales gains with the availability of market development funds.
  • The company plans to use the financing to automate manufacturing of lead testing products and provide working capital.

Statistics:

  • $3,615,000: Gross proceeds raised through private placement financing
  • 6: Number of areas where the company plans to use the financing

+ (i) Acquisition of manufacturing rights for GPBB-ELISA heart attack diagnostic

+ (ii) Funding of clinical trials for GPBB-ELISA test

+ (iii) Funding of additional heart attack diagnostic R&D

+ (iv) Automation of manufacturing of lead testing products

+ (v) Market development of lead testing products

+ (vi) Working capital

Sources:

  • Pace Corporation circa May 3, 1995
  • SOURCE: Pace Corporation melds technology, capital to lead in diagnostic test market
  • Canadian Dealing Network (PACL)
  • Sprott Securities Ltd.
  • Kieran and Co. Inc.
  • Kieran, Jon W., Investor Relations, 416/868-1079

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