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Solexa Shares Slide 12 Percent Despite Plans to Raise $61M in Stock Placement

NEW YORK, Nov. 21 (GenomeWeb News) - Solexa's shares were down 12.3 percent, or $1.09, at $7.81 in mid-afternoon trading today despite news that the company plans to raise around $61 million in a private stock placement.

 

GenomeWeb News reported earlier today that Solexa will place 10 million shares of common stock at $6.50 per share and will issue warrants to purchase approximately 3.5 million additional shares at an exercise price of $7.50 per share.

 

Recently, John West, the UK-based company's CEO, said the company needs to raise more money to get through 2006 at a recent investment conference.

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