DIAGNOS Secures $4.1M in Private Placement for AI-Based Health Screening

DIAGNOS Inc., a Canadian corporation specializing in early detection of critical health issues using Artificial Intelligence (AI), has successfully closed a non-brokered private placement, raising $4.1 million. The funds will be allocated towards product development and commercialization of AI-based screening services, regulatory affairs, and general administrative operations.

The private placement, which closed on October 25, 2024, consisted of the issuance of 5,228,668 units at a price of $0.30 per unit. Each unit consisted of one common share and one common share warrant, exercisable at $0.40 per share for a period of 18 months. The Corporation also issued 60,690 finder's warrants to qualified firms acting at arm's length.

DIAGNOS plans to use the net proceeds from the private placement to fund product development and commercialization of AI-based screening services, regulatory affairs, and general administrative operations. The Corporation aims to strengthen its FLAIRE AI platform and expand its applications, such as CARA (Computer Assisted Retina Analysis), to enhance the early detection of critical health problems.

The private placement remains subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as the execution of formal documentation.

DIAGNOS' successful private placement demonstrates the Corporation's commitment to investing in AI-based health screening technologies and expanding its offerings. The raised capital will contribute to DIAGNOS' working capital and financial reserves, enabling the Corporation to execute its strategic plans and grow its market position. The issuance of warrants may result in dilution for existing shareholders, but it also presents an opportunity for future growth and value creation. The private placement will also help DIAGNOS attract and retain talent, further strengthening its competitive position in the AI-based health screening market.