Solexa secures £40m in private equity
Genome specialist, Solexa Inc, has secured a commitment for a massive $75 million (£40m) of funding from private equity firm, Azimuth Opportunity Ltd.Solexa intends to use the net proceeds from the two-year financing for the development and commercialisation of the Solexa Genome Analysis System, working capital and other general corporate purposes.
The deal is in the form of a common stock equity financing from Azimuth.
During the two-year period of the commitment, Solexa may sell at its discretion registered shares of its common stock to Azimuth at a small discount to the market price.
The timing and amount of any sales of the stock will be determined by Solexa and is at the company’s sole discretion, subject to certain conditions.
Solexa’s long-term goal is to reduce the cost of human resequencing to a few thousand dollars for use in a wide range of applications from basic research through clinical diagnostics.
The company originally spun out of the University of Cambridge before merging with Lynx Therapeutics in the US and listing on NASDAQ.
It still has a major research and development base at Chesterford Research Park on the Cambridgeshire and Essex border.