ChromaVision Medical Systems Inc., a San Juan Capistrano-based medical test company, consummated a $12 million private placement of common stock and warrants. Of the $12 million, $5 million was purchased by a wholly owned subsidiary of Safeguard Scientifics Inc. Safeguard, a Wayne, Pa.-based technology company, held approximately 27% of ChromaVision’s outstanding shares prior to the placement.
ChromaVision is using the proceeds for working capital, said Dr. Douglas Harrington, the company’s chairman and chief executive, in a news release.
ChromaVision also said it launched two new automated cellular imaging system tests, measuring microvessel density and epidermal growth-factor receptors. The tests are intended to help physicians better identify which cancer patients will respond to new therapeutic regimens. ChromaVision officials estimate the combined United States market potential for the pair to be $35 million annually.
