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news.Solexa has entered into a definitive agreement with a group of institutional investors to raise approximately $65 million from the private sale of common stock and warrants for the purchase of common stock.
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According to the company, this financing will result in net proceeds to Solexa of approximately $61 million after deduction of offering expenses.
Under the terms of the financing, Solexa will sell 10 million shares of common stock at $6.50 per share and will issue warrants to purchase approximately 3.5 million shares of common stock at an exercise price of $7.50 per share.
Approximately 3.9 million shares of common stock and approximately 1.3 million warrants will be issued in a closing expected on or about November 22, 2005, and the balance of approximately 6.1 million shares of common stock and warrants to purchase approximately 2.2 million shares of common stock will be issued on the same terms in a second closing subject to stockholder approval.
Solexa is developing DNA sequencing systems for the comprehensive and economical analysis of whole genomes. These systems are intended for use by customers in a wide range of applications from basic research through to the development and implementation of personalized medicine.