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Transgenomic, Inc. (OTCBB: TBIO) announced today that it has entered into definitive agreements with a syndicate of institutional and other accredited investors to raise gross proceeds of $8.3 million in a private placement financing. The syndicate was comprised of new and existing investors, including entities associated with Third Security, LLC, a leading life sciences investment firm.
Pursuant to the purchase agreement, Transgenomic has agreed to issue an aggregate of 16,600,000 shares of the Company’s common stock at a price per share of $0.50, as well as 5-year warrants to purchase up to an aggregate of 8,300,000 shares of common stock with an exercise price of $0.75 per share.
Net proceeds from this offering will be used for general corporate and working capital purposes, primarily to accelerate commercialization of several of the Company’s proprietary genetic tests. The closing of the offering is expected to occur on or about January 30, 2013, subject to standard and customary closing conditions.
Lazard Capital Markets LLC served as the lead placement agent for the offering, with Craig-Hallum Capital Group LLC acting as co-placement agent for the offering.
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