NEW YORK (GenomeWeb News) – Solexa has secured a committment to sell $75 million in common stock Azimuth Opportunity, the company said today.
Solexa said it plans to use the cash to develop and commercialize its Genome Analysis System, for working capital, and for other general corporate purposes.
The commitment is for two years. During the term, Solexa may sell registered shares of its common stock to Azimuth at a small discount to the market price. The timing and amount of sales will be at Solexa’s discretion, the company said.
Solexa shipped its first 1G Genome Analyzers to two early-access customers in late June and has said in the past that it wants to launch the instrument widely by the end of this year.