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Interpace Eyes $4M Raise in Direct Stock Offering

NEW YORK (GenomeWeb) – Interpace Diagnostics today announced securities purchase agreements that are anticipated to raise $4 million in gross proceeds.

The firm said it has entered into a securities purchase agreement with three undisclosed institutional investors to purchase an aggregate of 855,000 shares of common stock in a registered direct offering. In a private placement, it also has agreed to sell warrants to the same investors to purchase 855,000 shares of its common stock at $4.69 per share.

The combined purchase price for one registered share of common stock and one warrant is $4.69. The warrants are exercisable immediately after the close of the private placement and will expire on the five-year anniversary of the date on which they become exercisable.

Net proceeds will go toward working capital, repayment of debt — including about $1 million to be paid to five former senior executives to satisfy and settle $2.9 million in severance obligations — and general corporate purposes, Interpace said.

Maxim is the exclusive placement agent for the registered direct offering and the private placement.

The firm said earlier this month it planned to raise $4.3 million in a public offering of its common stock. It also announced a securities purchase deal with certain institutional investors that is expected to raise $3.7 million in net proceeds.

On Friday, Interpace announced a distribution deal with Best Med Opinion for Israel.