stock offering

The company announced an agreement with Piper Sandler & Co. to act as agent, creating an at-the-market equity program for up to $25 million in shares of its common stock.

The genome mapping firm had fallen out of compliance with respect to its loan agreement with Innovatus and will prepay $5 million toward the loan principal.

The company expects that proceeds from this transaction, combined with another direct offering earlier this week and its current cash reserve, can support operations through the end of this year.

The firm has entered into a securities purchase agreement for the issuance and sale of 23 million shares of its common stock at $0.40 per share.

The offering is for 470,000 shares priced at-the-market which the firm will use for infectious disease test supplies and assay development.

The company also inked a deal with an investment bank to publicly offer from time to time up to $4.2 million of its stock.

The company will use the money to acquire PCR equipment to be used in connection with sales of reagents for infectious disease tests, among other uses.

The firm said it anticipates using the financing for further commercialization and expansion of its infectious disease testing vertical, among other activities.

The company, which is developing an assay for the 2019-nCoV coronavirus, is offering about 3.5 million shares of its common stock at $1.45 per share.

The Seattle-based immune sequencing firm will not receive any proceeds from the sale of the shares.