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Bionano Genomics to Raise $10M in Direct Stock Offering

NEW YORK – Bionano Genomics said on Thursday that it has entered into definitive agreements with undisclosed investors for a registered direct stock offering that will raise approximately $10 million in gross proceeds.

The San Diego-based optical genome mapping company is offering 8,733,626 shares of its common stock at a price of $1.145 per share. The transaction is expected to close on or about April 8, subject to customary closing conditions. H.C. Wainwright is acting as the exclusive placement agent for the offering.

Bionanos said it intends to use the net proceeds, together with its existing cash and cash equivalents and available-for-sale securities, for general corporate purposes including working capital, research and development expenses, repayment or redemption of existing indebtedness, and capital expenditures.

Last October, Bionano raised $80.0 million through convertible notes and warrants while announcing further cost-cutting measures.