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Transgenomic to Close $15M Private Placement of Common Stock

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.

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