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The company said it will use the net proceeds from the offering for working capital and general corporate purposes.

The company's two largest investors will purchase $25 million of its common shares, with proceeds supporting ongoing test commercialization.

The new fundraising effort follows on the heels of a $101.8 million public stock offering Bionano closed last week, at a price of $3.05 per share.

For the three months ended Sept. 30, the firm had total revenues of $8.2 million compared to $7.7 million a year ago.

The company has reached agreements with investors for a direct offering of 2.2 million shares at $1 per share, for gross proceeds of about $2.2 million.

The firm sells a rapid, point-of-care, PCR platform for infectious disease diagnostics, including SARS-CoV-2, influenza, respiratory syncytial virus, and strep A.

The kit was jointly developed by Singapore's Agency for Science, Technology, and Research, Tan Tock Seng Hospital, and MiRxes.

Ancestry will focus more on family history and genetic genealogy, and called the move a "strategic but difficult decision."