NEW YORK, Oct. 31 (GenomeWeb News) - Transgenomic has completed its private placement of common stock to a group of institutional investors led by Lehman Brothers, the company said today.
As GenomeWeb News previously reported, the transaction was originally priced at $1.01 per share for 15 million shares. Acompany spokesperson confirmed the final amount today as "rounded off to approximately $15 million."
Net proceeds from the sale were used to repay the company's debt of approximately $8.6 million with Laurus Master Fund. The remainder was retained for working capital.
The Omaha-Neb.-based company has committed to preparing and filing a registration statement covering the resale within 30 days of closing.