Bionano Announces Private Placement of Senior Secured Notes in Debt Restructuring that Improves Balance Sheet
May 28 2024 - 8:00AM
Bionano Genomics Inc. (“Bionano” or the “Company”) (NASDAQ: BNGO)
today announced that it has completed a private placement of senior
secured convertible debentures due May 24, 2026. The Company
received gross proceeds of $18.0 million in connection with the
placement, which will allow the Company to completely retire the
convertible debt financing previously entered into first in October
2023, and then subsequently amended in February 2024.
This new financing reinforces the strategic plan
set out by the Company in February 2024, by strengthening its
capital structure, improving its liquidity position, and enhancing
the Company’s ability to continue to drive adoption and utilization
of optical genome mapping while it continues to review strategic
alternatives to maximize shareholder value.
Additional information regarding the private
placement and the terms of the debentures will be set forth in a
Current Report on Form 8-K to be filed by the Company with the
SEC.
Canaccord Genuity acted as exclusive financial
advisor and placement agent to the Company for the offering.
The offer and sale of the foregoing securities did
not involve a public offering and were not registered under the
Securities Act of 1933, as amended (the “Securities Act”), or
applicable state securities laws. The securities may not be offered
or sold in the United States absent registration or pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state securities laws.
This press release does not constitute an offer to
sell or the solicitation of an offer to buy the securities in the
described offering, nor shall there be any offer, solicitation or
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts contained in this press
release, including statements regarding our future results of
operations or financial condition, business strategy and plans, and
objectives of management for future operations, are forward-looking
statements. Words such as “anticipate”, “believe,” “could”,
“estimate,” “expect,” “intend,” “may,” “plan,” “potential”,
“predict,” “project,” “should,” “target,” “will,” or “would” and
similar expressions (as well as other words or expressions
referencing future events, conditions or circumstances) convey
uncertainty of future events or outcomes and are intended to
identify these forward-looking statements. Forward-looking
statements include statements regarding our intentions, beliefs,
projections, outlook, analyses or current expectations concerning,
among other things: the consummation of the private placement
convertible note financing and the use of proceeds therefrom. Each
of these forward-looking statements involves risks and
uncertainties. Accordingly, investors and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements as they involve inherent risk and uncertainty (both
general and specific) and should note that they are provided as a
general guide only and should not be relied on as an indication or
guarantee of future performance. Actual results or developments may
differ materially from those projected or implied in these
forward-looking statements. Factors that may cause such a
difference include the risks and uncertainties associated with: the
timing and amount of revenue we are able to recognize in a given
fiscal period; our ability to obtain sufficient financing to fund
our strategic plans and commercialization efforts and our ability
to continue as a “going concern”; the impact of adverse
geopolitical and macroeconomic events, such as the ongoing
conflicts between Ukraine and Russia and Israel and Gaza and
uncertain market conditions, including inflation and supply chain
disruptions, on our business and the global economy; general market
conditions; changes in the competitive landscape and the
introduction of competitive technologies or improvements to
existing technologies; changes in our strategic and commercial
plans; the ability of medical and research institutions to obtain
funding to support adoption or continued use of our technologies;
study results that differ or contradict the results mentioned in
this press release; the risk that we are not able to complete a
strategic transaction that would increase stakeholder value; and
the risks and uncertainties associated with our business and
financial condition in general, including the risks and
uncertainties described in our filings with the Securities and
Exchange Commission, including, without limitation, our Annual
Report on Form 10-K for the year ended December 31, 2023 and in
other filings subsequently made by us with the Securities and
Exchange Commission. All forward-looking statements contained in
this press release speak only as of the date on which they were
made and are based on management’s assumptions and estimates as of
such date. We do not undertake any obligation to publicly update
any forward-looking statements, whether as a result of the receipt
of new information, the occurrence of future events or
otherwise.
About Bionano Genomics
Bionano is a provider of genome analysis solutions
that can enable researchers and clinicians to reveal answers to
challenging questions in biology and medicine. The Company’s
mission is to transform the way the world sees the genome through
OGM solutions, diagnostic services and software. The Company offers
OGM solutions for applications across basic, translational and
clinical research. Through its Lineagen, Inc. d/b/a Bionano
Laboratories business, the Company also provides diagnostic testing
for patients with clinical presentations consistent with autism
spectrum disorder and other neurodevelopmental disabilities. The
Company also offers an industry-leading, platform-agnostic software
solution, which integrates next-generation sequencing and
microarray data designed to provide analysis, visualization,
interpretation and reporting of copy number variants,
single-nucleotide variants and absence of heterozygosity across the
genome in one consolidated view. The Company additionally offers
nucleic acid extraction and purification solutions using
proprietary isotachophoresis (ITP) technology. For more
information, visit www.bionano.com, www.bionanolaboratories.com or
www.purigenbio.com.
Bionano’s OGM products are for research use only
and not for use in diagnostic procedures.
Investor Relations
Contact:
Company Contact:Erik Holmlin, CEOBionano Genomics,
Inc.+1 (858) 888-7610eholmlin@bionano.com
Investor Relations:David R. HolmesGilmartin Group+1
(858) 366-3243david.holmes@gilmartinir.com
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