SUNNYVALE, Calif., Oct 04, 2012 (BUSINESS WIRE) — 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.
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 (publicly traded under symbol “OTCBB:AYRC“, 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.comfor more information.
About Arrayit Diagnostics
Arrayit Diagnostics (website http://arrayit.com/Microarray_Diagnostics/microarray_diagnostics.html), headquartered in Redmond, Oregon, is leading the research and approval process of diagnostic tests for cancer based on molecular diagnostic technology.
About American Equity Fund LLC
The American Equity Fund LLC (“AEF”) provides an alternative funding mechanism, an Equity Line Facility (“ELF”), for SEC reporting publicly traded micro- and small-cap companies that want to take control of financial futures. An ELF is a flexible financing structure in which AEF commits to purchase shares of Common Stock directly from an Issuer, at prevailing market prices, over a multi-year period. When an Issuer elects to drawdown on the ELF, AEF is obligated to purchase an amount of shares equal to the dollar amount requested with a discount to market and warrant coverage to underwriting expenses. Issuers request drawdowns at their discretion in accordance with the terms of their funding agreement.
Safe Harbor Statement
We have identified forward-looking statements by using words such as “expect,” “believe,” and “should.” Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company’s Form 10-KA for the fiscal year ended December 31, 2011 and Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012.
SOURCE: Arrayit Corporation
Copyright Business Wire 2012