By LLuvia Mares
New York, Aug. 24 - Vermillion, Inc. announced Friday a $20.5 million private placement of stock.
The company, formerly called Ciphergen Biosystems, Inc., sold 24.9 million shares at an undisclosed price to a group of existing and new investors. Warrants to buy up to 19.5 million additional shares at $0.925 each were also attached to the transaction.
The deal is expected to close Aug. 29.
The company will use the proceeds for general working capital needs.
Fremont, Calif.-based Vermillion specializes in the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients.
The company changed its name to Vermillion earlier in the week and expects to begin trading on Monday under a new Nasdaq stock symbol: VRML.
Issuer: Vermillion, Inc.
Issue: Stock
Amount: $20.5 million
Shares: 24.4 million
| Price: | Not disclosed
|
| Warrants: | For 19.5 million
|
| Warrant expiration: | Not announced
|
| Warrant strike price: | $0.925
|
| Announcement date: | Aug. 24
|
| Settlement date: | Aug. 29
|
| Stock symbol: | Nasdaq: CIPH
|
| Stock price: | $0.74 at close Aug. 23
|
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