Financings in Brief: Aprogenex
This article was originally published in The Gray Sheet
Executive Summary
Aprogenex: Nets approximately $4.5 mil. through two private offerings. The Houston-based developer of the GenSite prenatal genetic testing assay announced May 31 that it had closed an offering of convertible preferred stock, netting about $4 mil. According to a recent Aprogenex SEC filing, funds from the preferred stock offering will be used for "normal operating requirements and product development costs." In mid May, Aprogenex raised $550,000 in net proceeds from the sale to "seven purchasers" of 144,300 shares of common stock and 28,860 warrants to buy common stock. The securities in the $550,000 offering were sold in units for $4.50, each unit consisting of one common share and one-fifth of a warrant to buy a common share for $7.25 by March 31, 1997...