Secures Financing of $28.0 Million
Summary
Up to an Additional $46.2 Million Available Through Warrant ExerciseLed by Novalis LifeSciences LLC with participation from Northpond Ventures, M-185 Corporation and BroadOak Capital PartnersSAN DIEGO, May 31, 2023 (GLOBE NEWSWIRE) -- Telesis Bio Inc. (NASDAQ: TBIO), a leader in molecular biology automation solutions for multi-omic and synthetic biology applications, today announced it has signed a securities purchase agreement with a syndicate of healthcare-focused institutional investors that have agreed to provide initial upfront funding of $28.0 million in gross proceeds to Telesis Bio through a private placement of redeemable convertible preferred stock. The private placement also includes the issuance of warrants that, if cash exercised, would provide Telesis Bio with another $46.2 million in gross proceeds.The financing is led by Novalis LifeSciences LLC with participation from Northpond Ventures, BroadOak Capital Partners and M-185 Corporation, an affiliate of the Companys Chief Executive Officer and Founder, Todd R. Nelson, PhD.Under the terms of the Redeemable Convertible Preferred Stock and Warrant Purchase Agreement, immediately following the closing of the financing, Paul Meister, a partner at Novalis LifeSciences LLC, will be appointed to the Companys board of directors, increasing the size of its board of directors from seven to eight.We are pleased to announce this financing led by Novalis LifeSciences LLC with strong support from existing investors, shared Todd R. Nelson, CEO and Founder of Telesis Bio. Paul Meisters tenure in the industry as a veteran executive and board member at notable companies such as Syneos Health, Fisher Scientific and ThermoFisher Scientific, will be a valuable asset to the shareholders of Telesis Bio as we seek to increase shareholder value and approach profitability in the 2024 timeframe.The companys innovative BioXp automation solutions are still in the early stages of adoption within targeted discovery workflows including biologics, cell and gene therapy and genome engineering. I am grateful for the opportunity to join this esteemed board of directors and support the Companys vision for the BioXp platform.While we believe strongly in our ability to grow our BioXp installed base and are confident that we can achieve our long-term revenue and profitability goals, we are adjusting expectations for the companys financial performance for the remainder of 2023, as we continue to see challenging headwinds that may impact our revenue results, Nelson shared. Scientists around the world are using the technology in their own laboratories to accelerate the design-build-test paradigm for novel, high-value products for precision medicine, biologics drug discovery, vaccine and therapeutic development, genome editing, and cell and gene therapy.