NEW YORK (GenomeWeb) – Food safety test developer Roka Bioscience announced today that it has signed an agreement to privately sell roughly 22,500 shares of preferred stock for $22.5 million.

According to the company, each share of the Series A preferred stock is convertible into approximately 1,428 shares of common stock, which is equivalent to a purchase price of $.70 per common share. For each preferred share, Roka said, purchasers will receive a five-year warrant to buy about 1,428 shares of common stock at $.70 per share.

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