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Lynx and Solexa Sign Merger Agreement; Solexa Raises $14.4M in Series B

NEW YORK, Sept. 29 (GenomeWeb News) - Lynx Therapeutics and Solexa have signed a definitive merger agreement, the companies said yesterday. In addition, Solexa said today that it has raised $14.4 million in a Series B financing.

 

The companies first said in August that they intended to merge. As part of the merger, which is expected to be completed later this year, Lynx will issue up to 29.5 million shares in exchange for all of the outstanding shares and share options of Solexa. The combined company will continue to operate both in the USand in the UKand will trade on the Nasdaq SmallCap Market under the tickers symbol LYNX.

 

Under a separate agreement, Lynx has received $1.25 million in loan advances from Solexa. It will receive another $500,000 following the merger agreement and $750,000 in October.

 

The merged company plans to develop novel DNA sequencing technology, based on molecular arrays, and to release its first commercial instrument for whole genome resequencing and for gene expression analysis by sequencing next year.

 

Solexa's $14.4 million financing round was led by Amadeus Capital Partners. Existing investors Abingworth Management, Schroder Venture Life Sciences, and Oxford Bioscience Partners also participated. Including the Series B round, Solexa has raised $40 million in total.

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