Nanogen Announces $34 Million Common Stock Sale - News Item

Nanogen, Inc announced today that it has sold 4.25 million shares of its common stock to institutional investors at a price of $7.94 per share, for gross proceeds of approximately $33.7 million. After deducting fees and expenses, Nanogen will receive approximately $31.5 million from the sale, which is being conducted pursuant to Nanogen's shelf registration statement filed in January 2004. The sale is expected to close on or about Friday, March 5, 2004. Nanogen plans to use the net proceeds for working capital, including the pending SYN X Pharma acquisition, and other general corporate purposes. Seven Hills Partners LLC acted as exclusive placement agent to Nanogen for this financing.

"This financing further strengthens our balance sheet and provides additional capital to accelerate our entry into the point-of-care diagnostics market, which began with our recent agreement to acquire SYN X Pharma," said Howard C. Birndorf, chairman and CEO of Nanogen. "The financing will also support our long-term strategy to commercialize advanced medical diagnostics and help pave the way for Nanogen to enter new, synergistic markets."

Posted 5th March 2004

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