10:32 AM EDT, 07/05/2024 (MT Newswires) -- Bionano Genomics ( BNGO ) said Friday it has signed deals to sell about 17.5 million shares at $0.571 apiece to healthcare-focused institutional investors to raise roughly $10 million.

The company said it will also issue clinical milestone-linked warrants to the investors, comprising series A warrants to buy up to some 17.5 million shares, and series B warrants to purchase up to the same number of shares. The warrants will have an exercise price of $0.57 per share.

If the series warrants are fully exercised, the potential additional proceeds will be about $20 million, Bionano said. It expects to close the offering around Monday, with H.C. Wainwright as the placement agent.

The genome analysis company said it plans to use the proceeds for general corporate purposes.

Bionano stock was down about 4% in recent trading.

Price: 0.55, Change: -0.02, Percent Change: -3.96