Telesis Bio Secures Financing of $28.0 Million
31 Mai 2023 - 11:29PM
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 Company’s 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 Company’s 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
Meister’s 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 company’s 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.
The value proposition to researchers will only continue to increase
as the demands within the multi-omics and synthetic biology markets
continues,” stated Paul Meister. “I am grateful for the opportunity
to join this esteemed board of directors and support the Company’s
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 company’s financial performance for the remainder of 2023, as
we continue to see challenging headwinds that may impact our
revenue results,” Nelson shared. “We now anticipate full year
revenue for the company to be approximately $35 million and
operating expenses, including non-cash and one-time charges to be
approximately $55 million. Gross margin expectations of
approximately 57% remain unchanged.”
The Company intends to use the proceeds from the financing for
general corporate purposes. The financing is expected to close on
June 2, 2023, subject to the satisfaction of customary closing
conditions.
Please refer to the Company’s Form 8-K to be
filed with the Securities and Exchange Commission for the complete
terms of the financing.
THIS RELEASE DOES NOT CONSTITUTE AN OFFER TO
SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY. THE
SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR ANY STATE
THEREOF ABSENT REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS OR AN APPLICABLE EXEMPTION FROM REGISTRATION
REQUIREMENTS.
About Telesis BioTelesis Bio is empowering
scientists with the ability to create novel, synthetic
biology-enabled solutions for many of humanity’s greatest
challenges. As inventors of the industry-standard Gibson Assembly®
method and the first commercial automated benchtop DNA and mRNA
synthesis system, Telesis Bio is enabling rapid, accurate and
reproducible writing of DNA and mRNA for numerous downstream
markets. The award-winning BioXp® system consolidates, automates,
and optimizes the entire synthesis, cloning and amplification
workflow. As a result, it delivers virtually error-free synthesis
of DNA and RNA at scale within days and hours instead of weeks or
months. 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. Telesis Bio is a public company
based in San Diego. For more information, visit
www.telesisbio.com.
Telesis Bio, the Telesis Bio logo, Gibson Assembly, and BioXp
are trademarks of Telesis Bio Inc.
About Novalis LifeSciences LLC
Novalis LifeSciences LLC is a boutique investment and advisory
firm for the Life Science industry. With a team of experienced
operating executives from the industry, Novalis funds and advises
visionary Life Science entrepreneurs. For more information visit
www.novalislifesciences.com.
Forward-Looking Statements This press release
contains forward-looking statements. All statements other than
statements of historical facts contained herein are forward-looking
statements reflecting the current beliefs and expectations of
management made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
include statements and guidance regarding Telesis Bio’s future
financial performance, the completion, timing and size of the
financing, the anticipated use of proceeds from the financing, as
well as statements regarding the future release and success of new
and existing products and services. Such statements are based on
current assumptions that involve risks and uncertainties that could
cause actual outcomes and results to differ materially. These risks
and uncertainties, many of which are beyond our control, include
risks described in the section entitled Risk Factors and elsewhere
in our Annual Report on Form 10-K, which was filed with the
Securities and Exchange Commission (SEC) on March 22, 2023, as
amended on May 17, 2023 and in our Quarterly Report on Form 10-Q,
which was filed with the SEC on May 12, 2023. These forward-looking
statements speak only as of the date hereof and should not be
unduly relied upon. Telesis Bio disclaims any obligation to update
these forward-looking statements.
Contact:Jen CarrollVice President of Investor
Relationsjen.carroll@telesisbio.com
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