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Nanosphere Raises $4.4M in Direct Offering

NEW YORK (GenomeWeb) – Nanosphere today announced it has entered into a definitive agreement with an unnamed healthcare institutional investor in a registered direct offering for $4.4 million of convertible preferred stock and warrants to purchase shares of common stock.

Nanosphere said in a statement that the preferred stock is convertible into a total of around 1.2 million shares of common stock at a conversion price of $3.66. The warrants are exercisable for up to 1.2 million additional shares of common stock at an exercise price of $3.54 per share, exercisable for five years and commencing six months from the closing date. The firm expects to close the offering on or about June 11.

The Northbrook, Illinois-based molecular diagnostics firm expects net proceeds of approximately $4.0 million, which it intends to use for general corporate purposes and working capital.

H.C. Wainwright & Co. acted as the exclusive placement agent of the offering.

Last month, Nanosphere closed another direct offering of $4.4 million and secured a $30 million debt facility.

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