Great Basin Inks Deal to Sell $20.5M in Securities to Institutional Investors | GenomeWeb

NEW YORK (GenomeWeb) – Great Basin Scientific today announced that it has signed a $20.5 million securities purchase agreement with institutional investors, which will provide the company with new funding for its ongoing operations.

Under the terms of the deal, the Salt Lake City-based molecular diagnostics firm will issue to the investors $22.1 million of senior convertible notes, as well as related common stock purchase warrants, equal to 16.6 percent of its issued and outstanding common stock, for gross aggregate proceeds of $18.4 million.

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