Skip to main content
Premium Trial:

Request an Annual Quote

Progenity Raises $40M in Private Placement

NEW YORK – Progenity closed a $40 million private placement on Monday, according to a document filed with the US Securities and Exchange Commission.

According to the document, certain institutional and accredited investors have agreed to purchase an aggregate of 16,194,332 units representing 16,194,332 shares of the company's common stock, as well as warrants to purchase up to 16,194,332 shares of common stock. Each unit was priced at $2.47.

The warrants are immediately exercisable at $2.84 per share and if exercised for cash would provide Progenity additional proceeds of about $46 million.

Piper Sandler served as lead placement agent for the offering, with Raymond James acting as co-placement agent.

Progenity said in the SEC filing it plans to use the money to support its operations, to invest in its molecular testing research and development program, to invest in research and development for its precision medicine platform, and for working capital and general corporate purposes.

Earlier this month, the San Diego-based company announced that it will close its genetic laboratory to focus on its drug delivery technologies and therapeutics businesses.

The Scan

Interfering With Invasive Mussels

The Chicago Tribune reports that researchers are studying whether RNA interference- or CRISPR-based approaches can combat invasive freshwater mussels.

Participation Analysis

A new study finds that women tend to participate less at scientific meetings but that some changes can lead to increased involvement, the Guardian reports.

Right Whales' Decline

A research study plans to use genetic analysis to gain insight into population decline among North American right whales, according to CBC.

Science Papers Tie Rare Mutations to Short Stature, Immunodeficiency; Present Single-Cell Transcriptomics Map

In Science this week: pair of mutations in one gene uncovered in brothers with short stature and immunodeficiency, and more.