NEW YORK (GenomeWeb News) – BG Medicine announced today a public offering of units comprising its common stock and warrants that is expected to bring in net proceeds of $2.1 million.
The Waltham, Massachusetts-based firm is offering 2,315,654 Series A units each consisting of one share of common stock and one half of a warrant to purchase one share of common stock at $1 per Series A unit.
BG Medicine is also offering 184,346 Series B units for $1.00 per unit to investors whose purchase of additional Series A units would result in them owning more than 9.99 percent of the company's outstanding common stock following completion of the offering.
The company said it plans to use the funds to support the US launch of the first automated version of its galectin-3 cardiovascular biomarker test, the expansion of clinical claims and indications for galectin-3, and for other general corporate purposes.
Roth Capital Partners is acting as lead manager for the offering.
BG Medicine stock was down 40 percent to $.90 in morning trading on the Nasdaq.