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Transgenomic to Raise $3M through Convertible Notes Offering

NEW YORK (GenomeWeb News) – Transgenomic said today it has entered into an agreement to raise $3 million in convertible notes.

The Convertible Promissory Note Purchase Agreement was signed with investors associated with life sciences investment firm Third Security. The notes and the equity securities into which the notes can be converted have not been registered, but have been offered and sold in the US pursuant to exemptions from registration requirements, Transgenomic said.

The investment provides the company with working capital and will allow it to continue expanding, Craig Tuttle, president and CEO of Transgenomic, said in a statement.

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