Deal sells notes to Third Security investors to fund working capital
By Devika Patel
Knoxville, Tenn., Jan. 6 - Transgenomic, Inc. sold $3 million of 16% convertible promissory notes on Dec. 30, according to an 8-K filed Friday with the Securities and Exchange Commission. The notes were bought by Third Security Senior Staff 2008 LLC, which invested $1.2 million, Third Security Staff 2010 LLC, which invested $1.2 million, and Third Security Incentive 2010 LLC, which invested $600,000.
The note is due on March 31, 2012 and will convert to common stock at the same price per share as the equity sold in the company's next financing.
"We are very pleased with the additional investment by Third Security affiliates as it increases our working capital and allows us to continue our expansion plan," president and chief executive officer Craig Tuttle said in a press release.
Based in Omaha, Transgenomic provides products for the purification and analysis of nucleic acids used in the life sciences industry for research focused on molecular genetics and diagnostics.
| Issuer: | Transgenomic, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $3 million
|
| Maturity: | March 31, 2012
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| Coupon: | 16%
|
| Warrants: | No
|
| Investors: | Third Security Senior Staff 2008 LLC (for $1.2 million), Third Security Staff 2010 LLC (for $1.2 million) and Third Security Incentive 2010 LLC (for $600,000)
|
| Settlement date: | Dec. 30
|
| Stock symbol: | OTCBB: TBIO
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| Stock price: | $1.29 at close Dec. 30
|
| Market capitalization: | $61.72 million
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