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.