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9/13/2012 9:22 AM ET

Response Genetics, Inc. (RGDX: Quote), a California-based life-science company, Thursday said it entered into a private purchase agreement with GlaxoSmithKline (GSK) and one of its stockholders to raise $8.8 million through the private placement of 8 million issued common shares of Response, for a price of $1.10 per share.

Thomas Bologna, chairman and CEO of Response Genetics stated, "The capital raised will help support our continued efforts in building a sustainable business of high value genetic tests for cancer patients as well as a premier pharmaceutical services business."

The signing of the purchase agreement and closing of the financing occurred on September 13, 2012.

Response Genetics shares are currently up 21.11%, trading at $1.09 on the Nasdaq.

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