Skip to main content
Premium Trial:

Request an Annual Quote

BG Medicine Inks Financing Agreements for $2.5M

NEW YORK (GenomeWeb) – BG Medicine has entered in financing agreements for $2.5 million, the company disclosed in a document filed with the US Securities and Exchange Commission on Tuesday.

The firm entered into a securities purchase agreement with its principal shareholders Applied Genomic Technology Capital Fund, AGTC Advisors Fund, and Flagship Ventures Fund, under which BG Medicine sold secured convertible promissory notes totaling $500,000. 

Additionally, BG Medicine has agreed to sell to the purchasers $2 million of newly created Series A preferred stock. 

The firm said that in accordance with the deal, it has granted the purchasers a security interest in "substantially all of the company's assets," excluding BG Medicine's intellectual property. The IP, though, will become subject to the security interest granted by BG Medicine after it repays a loan and security agreement BG Medicine reached with General Electric Capital in February 2012.

BG Medicine also said that holders of the Series A preferred stock will be able to nominate one board member, who will be initially elected following the company's 2015 annual meeting. 

Lastly, BG Medicine said that Stéphane Bancel has resigned from the board and will be replaced by Harry Wilcox. Bancel and Wilcox are affiliated with Flagship Ventures.

The Scan

Study Examines Insights Gained by Adjunct Trio RNA Sequencing in Complex Pediatric Disease Cases

Researchers in AJHG explore the diagnostic utility of adding parent-child RNA-seq to genome sequencing in dozens of families with complex, undiagnosed genetic disease.

Clinical Genomic Lab Survey Looks at Workforce Needs

Investigators use a survey approach in Genetics in Medicine Open to assess technologist applications, retention, and workforce gaps at molecular genetics and clinical cytogenetics labs in the US.

Study Considers Gene Regulatory Features Available by Sequence-Based Modeling

Investigators in Genome Biology set sequence-based models against observational and perturbation assay data, finding distal enhancer models lag behind promoter predictions.

Genetic Testing Approach Explores Origins of Blastocyst Aneuploidy

Investigators in AJHG distinguish between aneuploidy events related to meiotic missegregation in haploid cells and those involving post-zygotic mitotic errors and mosaicism.