Business
Bionano Prices $80.0 Million Financing in Convertible Notes and Warrants, Announces Preliminary Q3 2023 Results, and Implements Streamlined Operational Plan
Bionano announced today that it has priced a financing to raise an aggregate of $80.0 million in a registered offering and concurrent private placement of
About this update from Bionano Genomics, Inc.
[{"type":"text","content":"Bionano announced today that it has priced a financing to raise an aggregate of $80.0 million in a registered offering and concurrent private placement of senior secured convertible notes due 2025 and warrantsPreliminary Q3 revenue expected to be between $9.1 and $9.3 million, which would represent an estimated increase of 26% to 29% over Q3 2022 and would be at the higher end of revenue guidance of $8.8 million to $9.2 million provided in August 2023Installed base of Saphyr® systems reached 301 as of September 30, 2023, which represents growth of the installed base by 20 systems in the quarter and an increase of 39% over the 217 Saphyr systems installed as of September 30, 2022Preliminary number of nanochannel array flowcells sold in the quarter expected to be 6,176, which would represent an estimated increase of 55% over the 3,975 flowcells sold in the third quarter of 2022Company implemented initiatives intended to further reduce headcount, manufacturing costs and operating expenses for an estimated savings on non-GAAP total expenses (consisting of operating expenses and cost of goods sold) on an annual basis, excluding stock-based compensation, starting in 2024 of approximately $33.0 million when combined with the cost savings realized from the reduction in force initiated in May 2023 SAN DIEGO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported certain business updates and unaudited preliminary financial results for the third quarter ended September 30, 2023. Pricing of Financing Earlier today, Bionano announced the pricing of an $80.0 million registered offering and concurrent private placement comprising of (i) $45.0 million aggregate principal amount of senior secured convertible notes due 2025 (the “Registered Notes”) and warrants (the “Registered Warrants”) to purchase 21,660,650 shares of its common stock in a registered offering, and (ii) $35.0 million aggregate principal amount of senior secured convertible notes due 2025 (the “Private Placement Notes” and together with the Registered Notes, the “Notes”) in a concurrent private placement, in each case to a certain accredited investor (the “Buyer”). The sale of the Notes and the Registered Warrants to the Buyer is expected to close on October 13, 2023, subject to customary closing conditions.Bionano has also granted the Buyer an op...