19 Dec Third Wave Technologies to raise $14.9M through private debt
Madison, Wis. – Third Wave Technologies, Inc. has signed an agreement with an institutional investor that could provide it with $14.9 million through the private placement of convertible notes, and the company plans to use the proceeds for general corporate purposes.
According to Third Wave, the notes are convertible into approximately 2.48 million shares of its common stock at an initial conversion price of $6 per share. The notes carry a yield to maturity of six percent and will come due in December of 2011.
The company, which manufactures molecular diagnostic products, reported a $5.2 million third quarter loss, which was smaller than the same period of 2005 due to higher molecular diagnostic revenue. Third Wave reported molecular diagnostic revenue of $5.4 million and overall revenue of $6.6 million during the third quarter.
Third Wave, which employs 150 people in Madison’s University Research Park, is on pace to report about $28 million in revenue this year.
Copies of the company’s recent financial filings are available on the Securities and Exchange Commission’s website at http://www.sec.gov/.
For more details about Third Wave’s latest stock price, visit (NASDAQ:TWTI).
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