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Orchid to Raise $14M in Private Placement

Nov 21, 2006
NEW YORK (GenomeWeb News) - DNA testing company Orchid Cellmark has struck agreements with new and existing institutional investors to raise around $14 million in private equity financing, the company said today.
 
Orchid said it plans to issue 4.87 million shares of stock at $2.88 each and that it expects the transaction to close today.
 
It plans to use the funding for working capital and general corporate expenses.
 
Orchid shares fell 6 percent on the news to $3.20 in afternoon trading.
 
Earlier this month, Orchid reported stagnant third-quarter revenues accompanied by narrowed net losses. The company had around $12.5 million in cash and cash equivalents as of Sept. 30.

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