Bionano Genomics Secures $10 Million Through Stock Offering
Bionano Genomics Secures $10 Million Through Stock Offering
Bionano Genomics, Inc. (NASDAQ: BNGO) has recently announced that it successfully closed a public offering, generating total gross proceeds of approximately $10 million. This decision followed a strategic initiative to enhance its financial resources to support ongoing research and development in genome analysis.
Details of the Public Offering
The public offering comprised 5,000,000 shares of common stock and Series E and F warrants, each offering rights to purchase additional shares. The combined offering price was set at $2.00 per share, a figure designed to attract investor interest while ensuring the company could meet its operational needs. The Series E warrants are valid for a five-year period, while the Series F warrants have a shorter term, expiring after eighteen months.
Role of Placement Agents
H.C. Wainwright & Co. served as the exclusive placement agent, facilitating the process and helping to navigate the complexities of public offerings. Their expertise proved essential in ensuring a successful transaction that aligns well with Bionano's growth objectives.
Use of Proceeds
The funds raised will be directed towards working capital and general corporate purposes, key areas that will stimulate further investment in innovation and product development. Bionano's ongoing commitment to improve the capabilities of genome analysis solutions positions the company for future successes in both research and clinical settings.
Investment Potential
With the financial backing from this offering, Bionano is well-equipped to push forward its mission to enhance genomic insights through cutting-edge technologies. The potential additional financial influx from the exercised Series Warrants could elevate total proceeds to approximately $20 million, augmenting the company’s capital foundation substantially.
About Bionano Genomics
Bionano Genomics is dedicated to advancing the analysis of the genome through innovative technologies like optical genome mapping (OGM). The company offers a comprehensive suite of solutions that bridge various applications in research and clinical diagnostics. Through its subsidiary, Lineagen, Inc., Bionano also provides diagnostic testing services based on OGM technology, further diversifying its service offerings.
Company Contact Information
For inquiries or further information about Bionano Genomics, interested parties can reach out via the contact details below:
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionano.com
Investor Relations:
Kelly Gura
Gilmartin Group
+1 (212) 229-6163
IR@bionano.com
Frequently Asked Questions
What was the total amount raised in the public offering?
The public offering raised approximately $10 million for Bionano Genomics.
How many shares were offered in the public offering?
A total of 5,000,000 shares of common stock were part of the offering.
Who served as the placement agent for this offering?
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
What is the potential amount from the Series Warrants?
If fully exercised, the Series Warrants could bring in an additional $20 million for the company.
How does Bionano Genomics intend to use the proceeds?
The proceeds from this offering are intended for working capital and general corporate purposes, enhancing research and development efforts.
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