ChromaVision Stock Sale Raises $12 Million

ChromaVision Medical Systems Inc. in San Juan Capistrano said Monday it raised $12 million through private stock sales to Safeguard Scientifics Inc. unit and IncuVest LLC.

ChromaVision said it issued 560,693 shares, which were purchased at $12.48 each. ChromaVision will use the funding to commercialize its automated cell-imaging system, which is used to detect, diagnose and treat cellular diseases.

Safeguard Scientifics received 5 million of the newly issued shares. The company already held about 27% of ChromaVision’s outstanding shares.

IncuVest, a private investment fund and an existing shareholder of ChromaVision, purchased $2 million in common shares. IncuVest also agreed to purchase additional shares worth $5 million before Dec. 31. The shares will be priced slightly higher than $12.48, reflecting the later closing date.

ChromaVision’s stock moved up 25 cents to $9.75 a share in Nasdaq trading.