Logo

Transgenomic to Close $15M Private Placement of Common Stock

Sep 23, 2005

NEW YORK, Sept. 23 (GenomeWeb News) - Transgenomic has received commitments from institutional investors for a $15 million private placement of common stock, the company said today.

 

The investors, led by Lehman Brothers, have committed to purchase 15 million shares of Transgenomic's common stock priced at $1.01 per share. In addition, they will receive warrants to purchase another six million shares. The transaction, which is subject to shareholder approval and other conditions, is expected to close by the end of October.

 

Transgenomic said it will use net proceeds from the offering to repay its debt of approximately $9 million with Laurus Masters and for "general working capital needs."

 

"This private placement strengthens our balance sheet and better positions us to pursue the opportunities we've identified within our BioSystems business," said Transgenomic CEO Collion D'Silva in a company statement.

 

Earlier this week, Transgenomic escaped delisting on the Nasdaq exchange after its share price closed at or above $1 for 10 consecutive business days.

Breaking News
The Scan

Genome Sequences Reveal Range Mutations in Induced Pluripotent Stem Cells

Researchers in Nature Genetics detect somatic mutation variation across iPSCs generated from blood or skin fibroblast cell sources, along with selection for BCOR gene mutations.

Researchers Reprogram Plant Roots With Synthetic Genetic Circuit Strategy

Root gene expression was altered with the help of genetic circuits built around a series of synthetic transcriptional regulators in the Nicotiana benthamiana plant in a Science paper.

Infectious Disease Tracking Study Compares Genome Sequencing Approaches

Researchers in BMC Genomics see advantages for capture-based Illumina sequencing and amplicon-based sequencing on the Nanopore instrument, depending on the situation or samples available.

LINE-1 Linked to Premature Aging Conditions

Researchers report in Science Translational Medicine that the accumulation of LINE-1 RNA contributes to premature aging conditions and that symptoms can be improved by targeting them.