NEW YORK (GenomeWeb) – German molecular biology tools firm Sygnis announced yesterday that it has raised roughly €5.3 million ($5.9 million) in gross proceeds through a rights offering and subsequent private stock placement.
The funds, the company said, will be used for expenses associated with its planned €1.7 million cash-and-stock acquisition of UK-based proteomics reagents company Expedeon, as well as for one-time integration costs and working capital.
According to Sygnis, it sold roughly 4.8 million shares, including 3 million newly issued shares to existing investors and 1.8 million placed at a subscription price of €1.10 with qualified investors in a rump placement. An additional 15.7 million shares will be offered to Expedeon shareholders against contribution in kind.
Sygnis said that following the transactions, its share capital will increase to €37,341,980.