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Transgenomic Announces $2.375 Million Private Placement Financing

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Transgenomic, Inc. has announced that it has raised gross proceeds of approximately $2.375 million in a private placement financing with a syndicate of new and existing institutional and other accredited investors. The Company’s common shares were priced at $3.25 per share, which represents a premium to the closing stock price on October 21, 2014.

For each share of common stock purchased, investors also received a warrant to purchase 0.5 shares of the Company’s common stock at an exercise price of $4.00 per share. The warrants have a term of exercise equal to five years from the first date of exercise, which is six months following the closing date. In the aggregate, the Company issued approximately 0.73 million shares of common stock and 0.37 million warrants.

Net proceeds from this offering will be used for general corporate and working capital purposes, including activities supporting the company’s ICE COLD-PCR™ technology. The securities offered in this private placement transaction have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws.

Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

Pursuant to the terms of a definitive agreement entered into with the investors, Transgenomic has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock sold in the offering and issuable upon exercise of the warrants. Any offering of Transgenomic’s securities under the resale registration statement referred to above will be made only by means of a prospectus.