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Orchid Makes Agreements for $30.3 million in Private Equity Financing

NEW YORK, Feb. 27 (GenomeWeb News) - Orchid BioSciences announced today that it has entered into agreements to raise about $30.3 million in common stock private equity financing.

 

According to the agreements, Orchid will sell about 15.8 million shares of common stock at $1.92 per share, with four-year warrants issued for the purchase of an additional 3.2 million shares at $2.64 per share. The deal is expected to close today.

 

The financing move comes as part of Orchid's ongoing capital restructuring efforts, the company said.