Bionano Genomics Completes Significant Stock Offering
Bionano Genomics, Inc. (Nasdaq: BNGO) proudly announces the successful closing of its recent registered direct offering, which was priced at-the-market in compliance with Nasdaq regulations. This offering resulted in the sale of a total of 9,881,113 shares of common stock along with Series C and short-term Series D warrants, allowing investors to purchase an equivalent number of common stock shares at a combined price of $0.3039 per share.
Understanding the Warrant Details
The accompanying Warrants include Series C warrants that will expire five years from the moment stockholder approval is secured for the shares' issuance. Additionally, the short-term Series D warrants will expire after eighteen months of receiving the same stockholder approval. This structure is designed to encourage potential future growth and provide additional capital resources through potential future exercises of the Warrants.
Proceeds from the Offering
The total gross proceeds for Bionano from this offering amounted to around $3 million. This figure is before deducting fees for the placement agent, H.C. Wainwright & Co., who acted as the exclusive facilitator for this offering. Furthermore, should the Warrants be fully exercised, they could present additional gross proceeds of approximately $6 million to the Company.
Purpose of the Raised Funds
Bionano intends to utilize the net proceeds from this offering for various corporate responsibilities, which include increasing working capital, fueling research and development initiatives, repaying existing debts, and covering capital expenditures. This plan reflects Bionano’s commitment to enhancing its operational capacities and furthering its innovative solutions in genome analysis.
About Bionano Genomics
Bionano Genomics focuses on revolutionizing genome analysis, providing solutions that allow researchers and clinicians to delve deep into complex biological and medical inquiries. With a mission to alter the perception of genomes through Optical Genome Mapping (OGM), Bionano's offerings extend across fundamental, translational, and clinical research areas.
Innovative Research Solutions
The Company actively develops OGM products suitable for a variety of applications, backed by notable genome analysis software that is platform-independent. Additionally, the proprietary isotachophoresis technology facilitates efficient nucleic acid extraction and purification processes, providing superior support to the scientific community.
Bionano Laboratories
Operating through its subsidiary, Lineagen, Inc. d/b/a Bionano Laboratories, the Company also delivers diagnostic testing services based on optical genome mapping. This dual operational capability positions Bionano at the forefront of genome analysis, enhancing its commitment to innovation in biological research.
Contact Information
For more details, interested parties may contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
Phone: +1 (858) 888-7610
Email: eholmlin@bionano.com
Frequently Asked Questions
What was the total amount raised in Bionano's latest offering?
Bionano Genomics raised approximately $3 million in its recent stock offering.
What are the Warrants associated with this offering?
The offering includes Series C warrants and short-term Series D warrants, both allowing purchases at $0.3039 per share.
How will Bionano use the funds from this offering?
The funds will be allocated for working capital, research and development, debt repayment, and capital expenditures.
Who acted as the placement agent for the offering?
H.C. Wainwright & Co. served as the exclusive placement agent for this offering.
What is Bionano's primary mission?
Bionano aims to transform how the world perceives the genome through advanced genome analysis solutions and technologies.
