Nanosphere (NSPH) Reports Q1 Loss of $1.29; Enters $4.4M Direct Conv. Preferred Placement

Nanosphere (NASDAQ: NSPH) reported Q1 EPS of ($1.29), versus ($1.79) reported last year. Revenue for the quarter came in at $4.62 million, versus $4.5 million reported last year.

anosphere also announced today that it has entered into a definitive agreement with a dedicated healthcare institutional investor in a registered direct offering for $4,400,000 of convertible preferred stock (which are convertible into a total of 1,168,659 shares of common stock at a conversion price of $3.765) and warrants to purchase shares of common stock exercisable for up to 1,168,659 additional shares of common stock, in the aggregate. The warrants have an exercise price of $3.65 per share and are exercisable for 5 years commencing six months from the closing date. The preferred stock is perpetual and does not have a required dividend right or voting rights and has a liquidation preference of $0.01 per share. The preferred stock has a limitation on conversion into common stock to preclude the holder from acquiring beneficial ownership of more than 4.99% of our outstanding common stock, which may be increased to 9.99% in certain circumstances.

The Company intends to use the proceeds of the offering for general corporate purposes and working capital.

The closing of the offering is expected to take place on or about May 14, 2015, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co., LLC acted as the exclusive placement agent in connection with this offering.

For earnings history and earnings-related data on Nanosphere (NSPH) click here.

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