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Bionano Genomics Raises $17.9M in Debt Financing

NEW YORK – Bionano Genomics said Tuesday that it has raised $17.9 million in net proceeds from a private placement of 2,250,000 shares of its common stock, valued at $.0001 per share, and senior secured convertible debentures in the aggregate principal amount of $20.0 million, sold for an aggregate purchase price of $18 million.

The debentures, which were issued at a $2 million discount, have a maturity date of May 24, 2026, and an interest rate of 11 percent per year, payable monthly.

The financing from "certain accredited investors" and their collateral agent, JGB Collateral, allowed Bionano to completely retire convertible debt financing previously entered into in October 2023 and subsequently amended in February 2024.

Bionano said it used approximately $17.6 million of the proceeds to redeem the previous convertible note, and it plans to use the remainder for general corporate purposes.

Canaccord Genuity acted as the exclusive financial adviser and placement agent for the offering.

In a statement, Bionano said that the new debt financing "provides significant financial flexibility by retiring near-term debt maturities, deferring principal redemption payments, and further reducing near-term cash needs."

In morning trading on the Nasdaq, Bionano's shares were up 2 percent at $1.10.