Sequenon makes $30M private placing
San Diego, USA-based Sequenon has announced commitments by ComVest Investment Partners II, Pequot Private Equity Fund IV and L BI Group (an affiliate of Lehman Brothers), for $30.0 million. Under the terms of the transaction, subject to shareholder approval and other closing conditions, the company will issue to the investors 54,545,454 shares of common stock as well as 32,727,272 common stock purchase warrants exercisable at $0.70 per share.
The transaction is expected to close by May 31, and the net proceeds will be used for general working capital needs.
"This financing commitment is a foundational element of our strategy and paves the way for execution of our business plan," said Harry Stylli, chief executive of Sequenon.
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