TBIO - Telesis Bio gets $28 million in financing through preferred stock private placement

2023-05-31 17:57:17 ET

• Telesis Bio ( NASDAQ: TBIO ) said Wednesday it has signed an agreement with institutional investors to provide the company with funding of $28 million through a private placement of redeemable convertible preferred stock.
• The private placement also includes the issuance of warrants that, if exercised, would provide the company with another $46.2 million in gross proceeds.
• The financing is led by Novalis LifeSciences LLC, with participation from Northpond Ventures, BroadOak Capital Partners, and M-185 Corporation, an affiliate of the company’s CEO, Todd Nelson.
• At closing, Paul Meister, a partner at Novalis LifeSciences LLC, will be appointed to the company’s board.
• The board size will increase from seven to eight directors.
• The net proceeds from the offering will be used for general corporate purposes.
• The financing is expected to close on June 2, 2023.
• Press Release .

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