Friday, November 1, 2013

Ignyta Hits Public Markets In Reverse Merger

Venture-backed biotechnology startup Ignyta, which is backed by Colt Ventures and City Hill Ventures, has gone public in a reverse merger. According to the company, it completed a reverse merger with Infinity Oil & Gas Company, which trades on the OTCBB as IGASD. The company said it will start trading as RXDX on the OTCBB on or around December 2nd. Ignyte is developing treatments for cancer. The use of a reverse merger to go public is somewhat rare for venture backed startups, but is not unheard of. Ignyta raised $6M in venture funding back in January.