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Transgenomic to Raise $22M in Private Placement

NEW YORK (GenomeWeb News) – Transgenomic announced today it has entered into definitive agreements to raise about $22 million in a private placement.

The deal is with institutional and other accredited investors and as part of it, the Omaha, Neb.-based firm will issue an aggregate of 19 million shares of its stock at $1 per share and five-year warrants to purchase up to an aggregate of 9.5 million shares of Transgenomic stock at an exercise price of $1.25 per share.

It also includes an aggregate of $3 million in convertible notes that Transgenomic issued in December to life sciences investment firm Third Security and its associated entities. The notes will automatically convert to Transgenomic common stock and warrants to purchase stock on the same terms as all investors in the private placement financing.

Also, in connection to the conversion of the notes, Third Security and its associates will receive an aggregate of 3 million shares of stock and 1.5 million warrants on the same terms as all investors in the private placement.

Net proceeds from the financing will be used for general corporate and working capital purposes, with a focus on developing several of the Transgenomic's key initiatives, the firm said.

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