Sequenom closes $33M financing

San Diego, USA-based Sequenom, a developer of advanced, proprietary genetic analysis systems and methodologies that translate genomic science into superior solutions for non-invasive prenatal testing, biomedical research, molecular medicine, and agricultural applications, has announced the closing of its $33.0 million private placement financing with four institutional investors. Oppenheimer & Co was the placement agent. The investment in Sequenom included the sale and issuance of 19,999,998 shares of common stock and warrants to purchase an additional 11,999,999 shares.

"The financing provides Sequenom and its customers, collaborators, employees and shareholders with a solid foundation on which the company can grow its core business, unlock the potential of its non-invasive prenatal diagnostics technology, and provide genetic analysis solutions more broadly and on an accelerated " said Harry Stylli, chief executive. Net proceeds from this financing will be used for general working capital purposes and executing new management strategies to strengthen and expand Sequenom's core product sales and services business while pursuing new growth initiatives including opportunities in the emerging field of non-invasive prenatal diagnostics. The private placement was approved by stockholders at the company's annual meeting held on May 31, 2006.