By Sheri Kasprzak
New York, May 10 - Nanogen, Inc. has received a $25 million equity line from Azimuth Opportunity Ltd.
The 18-month line allows Azimuth to purchase shares of Nanogen at discounts ranging from 3.8% to 5.8%, based on market capitalization at the time of a draw. The price per share will be equal to the 10-day volume weighted average price of the stock, minus the discount.
Reedland Capital Partners was the placement agent.
San Diego-based Nanogen develops diagnostic tools used by researchers, clinicians and physicians.
| Issuer: | Nanogen, Inc.
|
| Issue: | Equity line
|
| Amount: | $25 million
|
| Tenor: | 18 months
|
| Price: | Equal to a 3.8% to 5.8% discount to the 10-day volume weighted average price of Nanogen's stock
|
| Warrants: | No
|
| Investor: | Azimuth Opportunity Ltd.
|
| Placement agent: | Reedland Capital Partners
|
| Settlement date: | May 10
|
| Stock symbol: | Nasdaq: NGEN
|
| Stock price: | $2.50 at close May 10
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
