NEW YORK (GenomeWeb) – Sygnis today announced that it has raised €5 million ($6.2 million) in a rights offering to German and international institutional investors.
The company said the subscription ratio in the offering was 13:3, meaning 13 existing shares entitled the shareholder to subscribe for three new shares in the firm. The subscription price was €2 per share. Shares that were not subscribed in the rights offering were offered to select German and international institutional investors at the same price.
The firm said in a statement that it expects the TruePrime Single Cell WGA kit, its first proprietary product, to launch in January 2015 and it has signed a distribution deal for the product with BioCat.
"The transaction provides the company with the financial flexibility needed to expand its proprietary portfolio of exciting new products and to meet the next milestones in our corporate and commercial development plan," Sygnis CEO Pilar de la Heurta said.
Heidelberg, Germany-based Sygnis said it plans to use the proceeds to finance the development and commercialization of its products and for operations.
Sygnis was advised by GBC AG.