NEW YORK (GenomeWeb News) – Transgenomic today said that it expects to raise $7 million in gross proceeds from the sale of 1,443,297 convertible preferred shares.

The Omaha, Neb.-based molecular diagnostics company said that it will sell the shares of Series B convertible preferred shares to affiliates of investment firm Third Security at $4.85 per share. The preferred shares will be convertible into common shares of Transgenomic on a one-for-one basis, it said.