- 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.