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Bionano Genomics raises USD 10 million via direct offering for working capital and general corporate purposes
Precision Medicine
Jul 5, 2024
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Precision Medicine

Precision Medicine

Jul 5, 2024

Bionano Genomics raises USD 10 million via direct offering for working capital and general corporate purposes

Funding

  • Bionano Genomics has secured USD 10 million in a direct offering under definitive agreements with certain healthcare-focused institutional investors. The transaction includes the sale of ~17.5 million shares of common stock at an offering price of USD 0.57 per share. In a concurrent private placement, the company has agreed to issue unregistered clinical milestone-linked Series A and Series B warrants, each for the purchase of ~17.5 million shares of common stock at USD 0.57 per share. The offering is expected to be closed on July 8, 2024, subject to meeting closing conditions.

  • The company plans to use the funds for various corporate purposes such as improving working capital, funding R&D initiatives, paying off existing debts, and undertaking capital expenditures. 

  • Analyst Quicktake: In May 2024 , Bionano Genomics raised USD 18 million through a private placement of senior secured convertible debentures, due in May 2026. The funds were intended to retire the convertible debt financing that was first entered in October 2023 and later amended in February 2024.

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