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Great Basin Plans to Raise $3.5M

NEW YORK (GenomeWeb) – Great Basin on Monday said it plans to raise $3.5 million in net proceeds in a public offering of securities.

In a document filed with the US Securities and Exchange Commission, the firm said that it plans to offer 4 million units comprised of either Class A or Class B units, together with 4 million shares of common stock included in the Class A units, 20,000 shares of common stock underlying Series J warrants, and 4 million shares of common stock underlying prefunded Series K warrants.

Each Class A units consists of one share of Great Basin's common stock and one Series J warrant to purchase 2.5 shares of the firm's common stock. The Class A units are being offered at an assumed public offering price of $1.13 per Class A unit.

Each Class B unit consists of one prefunded Series K warrant to purchase one share of common stock and one Series J warrant to purchase 2.5 shares of Great Basin's common stock. Each Series K warrant is being sold with one Series J warrant at the assumed combined public  offering price of $1.13 per unit, minus $.01 per share exercise price of the prefunded Series K warrant included in the Class B unit.

Great Basin said that net proceeds from the offering will allow it to fund its operations for up to two months, including the continued expansion of sales of its five approved tests. The company is also seeking approval from the US Food and Drug Administration for another test, and is developing three other tests.

On Monday, the company reported its first quarter revenues grew 14 percent year over year.