By Sheri Kasprzak
New York, Sept. 28 - Nanogen, Inc. said it has closed a $19,992,000 direct placement.
The company issued 6.8 million shares at $2.94 each to institutional investors.
The investors also received warrants for 1 million shares, exercisable at $4.00 each for five years.
Proceeds from the offering will be used for acquisitions, working capital and general corporate purposes.
The shares were sold under Nanogen's shelf registration.
Seven Hills Partners LLC was the bookrunner for the offering, and Stonegate Securities Inc. was a placement agent.
Based in San Diego, Nanogen produces diagnostic tests used by researchers, clinicians and physicians.
| Issuer: | Nanogen, Inc.
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| Issue: | Stock
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| Amount: | $19,992,000
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| Shares: | 6.8 million
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| Price: | $2.94
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| Warrants: | For 1 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.00
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| Placement agents: | Seven Hills Partners LLC (lead); Stonegate Securities, Inc.
|
| Settlement date: | Sept. 28
|
| Stock price: | $3.20 at close Sept. 27
|
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