Visible Genetics

(VGIN)

sold about 2.6 million common shares in a private placement, raising $22 million.

The company sold the shares to U.S. institutional investors for $8.34 each, a 16% discount to their average price over the last 10 sessions. The company will use the proceeds for general corporate purposes.

Visible Genetics' shares closed at $10.76 Monday, up 23 cents.