NEW YORK, March 10 (GenomeWeb News) - Large Scale Biology today announced the completion of an $8.2 million private placement. The company sold 5.2 million new shares of common stock, and issued warrants with a five-year-term to purchase an additional 1.3 million shares.
Proceeds from the private placement will be used to fund product development; meet expected strategic partnership commitments; and facilitate short-term revenue streams, the company said.
Large Scale Biology in February reported a 38 percent drop in its fourth-quarter revenues, year over year, along with a drop in R&D spending and narrowed losses. The company had revenues of $621,000 for the quarter ended Dec. 31, 2003, down from $997,000 in the year-ago period. LSBC's net loss for the period was $7.1 million, down from $7.3 million for the fourth quarter of 2002. As of Dec. 31, 2003, the company had $7.7 million in cash and marketable securities.