NEW YORK, Feb. 24 (GenomeWeb News) - Epoch Biosciences has secured $6.2 million of equity funding from institutional investors, the company said today.
Epoch, of Bothell, Wash., expects the funding to occur on the next couple of days. The company will sell approximately 2.5 million shares of its common stock at $2.50 per share and will grant investors five-year warrants to purchase additional shares at an exercise price of $3.89 per share.
The company plans to use the financing to expand its sales and marketing infrastructure, and to develop a new product, MGB Eclipse By Design. In addition, Eclipse plans to launch analyte-specific reagents for clinical laboratories later this year.