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Sequenom Increases Private Placement by $3M

NEW YORK, April 3 (GenomeWeb News) - Sequenom said today that that its previously announced private stock placement has been increased by $3 million to $33 million.

 

The company said the increase comes with the addition of Siemens Venture Capital to the list of investors taking part in the placement.

 

Under the terms of the increased transaction, which remains subject to shareholder approval and other closing conditions, Sequenom will issue 60 million shares of common stock and 36 million warrants exercisable at $.70 per share.

 

The transaction is expected to close by May 31, the company said. Net proceeds from the transaction will be used for general working capital needs.

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