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As Expected, Sequenom Secures $33M Through Private Stock Placement

NEW YORK, June 7 (GenomeWeb News) - Sequenom yesterday said it secured $33 million in a private stock placement with four institutional investors.

 

Sequenom shareholders approved the placement and a reverse stock split last month. The stock split went into effect last week.

 

As part of the placement, Sequenom sold or issued around 20 million shares of common stock and warrants to purchase an additional 12 million shares.

 

The investors were Pequot Private Equity Fund, ComVest Investment Partners, LB I Group, and Siemens Venture Capital. Oppenheimer & Co. served as the placement agent.

 

Sequenom said it will use the cash for general working capital purposes, to "strengthen and expand" its core product sales and services business, and pursue opportunities in the field of non-invasive prenatal diagnostics.

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