Screen Shot 2017-04-02 at 9.21.36 PMANNAPOLIS, MD — A diagnostics company raised $350,000 from one investor, according to a filing with the Securities and Exchange Commission.

xMD Diagnostics filled the Form D on March 29. The first sale occurred Jan. 20, and the company plans to raise $175,000 more. The offering is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer.

An estimated $35,000 of the proceeds will be used as payments to executive officers, directors or promoters.

xMD Diagnostics develops proprietary automated instruments and kits for microdissection pathology and molecular diagnostics applications.

Ting Pau Oei, founder and board member of xMD Diagnostics, signed the Form D on March 29. He is managing and founding partner at Fox Feather Ventures, a venture capital advisory firm specializing in health care.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism