Transgenomic Announces $7 Million Convertible Preferred Stock Financing
March 06 2014 - 7:30AM
Business Wire
Transgenomic, Inc. (OTCBB:TBIO), a global biotechnology
company advancing personalized medicine in cardiology, oncology,
and inherited diseases through diagnostic tests as well as clinical
and research services, today announced that it has entered into an
agreement with affiliates of Third Security, LLC ("Third
Security"), a leading life sciences investment firm founded by R.J.
Kirk, to sell to them 1,443,297 million Series B convertible
preferred shares at a price of $4.85 per share for gross proceeds
of $7.0 million.
Subject to certain restrictions, the preferred shares will be
convertible into common shares of Transgenomic on a 1-to-1 basis.
Proceeds from the facility will be used to help fund Transgenomic’s
working capital requirements and for general corporate purposes. It
provides the Company with substantial capital to continue building
its presence as a leading personalized medicine company.
“We are pleased that such a highly regarded investor, and an
existing shareholder, committed to provide the full amount of funds
that we sought,” said Paul Kinnon, President and Chief Executive
Officer of Transgenomic. “Third Security recognizes the value
proposition that Transgenomic represents and we appreciate this
opportunity to further our relationship with them. We are entering
an important phase in the strategic transformation of the Company,
and this transaction provides us with the necessary capital to
drive toward profitability. We can now focus on commercializing key
assets, especially the ICE COLD-PCR technology, while also
improving our competitive position in the molecular diagnostics
marketplace.”
About Transgenomic, Inc.
Transgenomic, Inc. (www.transgenomic.com) is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases. The Company has three
complementary business units: Patient Testing, Biomarker
Identification, and Genetic Assays and Platforms, which provide
specialized diagnostic tests, contract research services for drug
development, and equipment, reagents and other consumables for
clinical and research applications in molecular testing and
cytogenetics.
Forward-Looking
Statements
Certain statements in this press release constitute
“forward-looking statements” of Transgenomic within the meaning of
the Private Securities Litigation Reform Act of 1995, which involve
known and unknown risks, uncertainties and other factors that may
cause actual results to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Forward-looking statements include, but are not limited
to, those with respect to management's current views and estimates
of future economic circumstances, industry conditions, company
performance and financial results, including the ability of the
Company to grow its involvement in the diagnostic products and
services markets. The known risks, uncertainties and other factors
affecting these forward-looking statements are described from time
to time in Transgenomic's filings with the Securities and Exchange
Commission. Any change in such factors, risks and uncertainties may
cause the actual results, events and performance to differ
materially from those referred to in such statements. Accordingly,
the Company claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 with respect to all statements
contained in this press release. All information in this press
release is as of the date of the release and Transgenomic does not
undertake any duty to update this information, including any
forward-looking statements, unless required by law.
Investor Contact:Argot PartnersDavid Pitts,
212-600-1902david@argotpartners.comorCompany
Contact:Transgenomic, Inc.Donna Christian,
402-452-5416investorrelations@transgenomic.com
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Apr 2023 to Apr 2024