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The company, which also said it is short on funds, may have to pay $18.3 million to Hudson Bay Master Fund if forebearance is not granted for the default.
The firm said that a number of hospitals and labs are expected to evaluate the panel, presenting it with about a $2.0 million annual revenue opportunity.
Great Basin plans to use the proceeds for R&D, sales and marketing expenses, the redemption of certain notes, and general corporate purposes.
The company had previously said it expected to raise $3.5 million through the public offering of units.
The company said in an SEC document that the proceeds will allow it to fund its operations for up to three months, including expanding the sales of its tests.
Cost-control measures the firm implemented in the previous quarter led to a 30 percent decrease in operating expenses.
The molecular diagnostic assay to detect Bordetella pertussis will now be launched commercially by the firm.
This week's news includes Alere, Fulget Diagnostics, Trovagene, Great Basic Scientific, Interleukin, and Danaher.
The test was recently submitted to US regulators and is expected to start contributing to Great Basin's revenues in the second half of the year.
The firm has immediate access to $800,000 in previously restricted cash, and an additional $10.8 million in capital through new convertible notes.
Nature News reports that recent proposed changes to the US National Science Foundation have raised concerns about a shift away from the agency's focus on basic research.
Noel Rose, the "father of autoimmunity," has died at 92, the Washington Post reports.
According to CNN, Legionella was discovered in buildings leased by the Centers for Disease Control and Prevention as they reopened following coronavirus pandemic-related closures.
In PLOS this week: genetic analysis of malaria parasite populations in Southeast Asia, genomic surveillance of yellow fever virus in São Paulo, and more.