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Epigenomics Reaches Financing Deal for up to $6.7M

NEW YORK (GenomeWeb News) – Epigenomics said that it has reached a financing agreement with YA Global Master SPV for up to €5 million ($6.7 million).

Under the terms of the agreement, YA Global will purchase over two years convertible notes with a total nominal amount of €5 million at a purchase price of 95 percent of the nominal amount. Epigenomics may issue the notes in tranches of €500,000 each, with each tranche comprising 500 convertible notes in the form of bearer bonds each with a nominal value of €1,000. The bonds are transferable only with approval by Epigenomics.

The convertible notes will be issued and can be traded only in lots with a total nominal value of €125,000.

Proceeds from the financing are expected to help fund Epigenomics' operations up to and possibly beyond an anticipated approval of the company's blood-based colorectal cancer test called Epi proColon by the US Food and Drug Administration, it said.

"This positive agreement with [Ya Global] provides us with a flexible financing tool that will help to improve the financial situation of the company ahead of the FDA approval decision for our lead product Epi proColon, which we still await in 2013," Epigenomics CEO and CFO Thomas Taapken said in a statement. "We will consider alternative financing options in parallel."