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Floundering, Lynx Closes $3M in Private Stock Placement

NEW YORK, Sept. 25 (GenomeWeb News) - Lynx Therapeutics has completed a $3 million private financing round of common stock and warrants for common stock, the struggling company said today.

The financing, made to certain undisclosed institutional investors, comprised the sale of 744,000 newly issued common shares at approximately $4.03 per share, and the issuance of warrants to buy 186,000 shares of common stock for around $9.91 per share.

"While our primary goal remains to improve our financial position and fund our operations through payments to us under existing and prospective relationships with customers, collaborators and licensees, this financing gives us added flexibility. We will continue to consider various other financing options," Kevin Corcoran, Lynx's president and CEO, said in a statement.

Last month, Lynx, of Hayward, Calif., reported $3 million in cash and cash equivalents, including restricted cash, and said it is "considering various other options, including additional equity financing." Corcoran reiterated this today. Also in August, the company retained the Washington, DC-based investment bank Friedman, Billings, and Ramsey as a financial advisor.

In May, Lynx was delisted from the Nasdaq exchange and began trading on the Nasdaq SmallCap Market exchange. The company, which had been floundering financially since late last year, was ordered by the Nasdaq to transfer its common stock to the smaller market because Lynx' market cap falls below the Nasdaq's minimum requirement.

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