Alamar Biosciences Inc., of Sacramento, Calif., has raised over$3.1 million through three separate private financings, thecompany announced on Thursday. Prior to these financings,Alamar had a total of $950,000 in cash and cash equivalents.
The first offering, which involved soliciting Alamar's privatewarrant holders to convert their warrants into units, raisedapproximately $573,000 in net proceeds. In the second offeringthe company raised approximately $465,000 by placing$500,000 in units to Commonwealth Associates Growth FundInc. The majority of the proceeds, over $2.05 million, wasobtained in a Regulation S offering to non-U.S. investorsmanaged by Commonwealth Associates as placement agent.
Each unit consists of one share of common stock and onewarrant to purchase a share of common stock. The securitiescomprising the units are not separable or separatelytransferable prior to 41 days after issuance. Each warrantentitles the registered holder to purchase one share of commonstock beginning on the date the warrant becomes separatelytransferable until Oct. 14, 1997.
The diagnostic testing firm raised $4.25 million in its initialpublic offering, which was completed in October 1992. At thattime, the company sold 850,000 units at $5 each. In late Marchthose units separated into warrants, which opened at $1, andcommon shares, at $4.50. The company now has 2.8 millionshares outstanding and 3.3 million warrants outstanding.
On Tuesday, Alamar (NASDAQ:ALMR) received FDA approval tomarket its reading instrument READar to interpret results forits Gram positive antibiotic MIC susceptibility kit. In July thekit was cleared for use with Alamar's Gram negative kit. Thecompany has two remaining applications pending at FDA, onefor a manual bacterial identification test kit and one for usingthe READar instrument with the ID kit. -- Brenda Sandburg
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