Clarient Inc., an Aliso Viejo-based cancer diagnostics company, said it would raise up to $50 million through a private placement of its stock with Oak Investment Partners, a Westport, Conn.-based venture capital firm.
Clarient provides cancer testing for pathologists, oncologists and drug makers.
Clarient said it would sell $40 million in stock in two separate transactions, and the additional $10 million would only be sold upon further mutual agreement of Clarient and Oak.
Clarient received $29.1 million from the first sale and used it to pay off most of its outstanding debt.
Chief Executive Ron Andrews also said the money would allow Clarient to avoid $11 million in interest and fees and also move it closer to its goal of sustained net income profitability.
