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.

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