Solexa secured a two-year commitment for up to $75 million in a common stock equity financing from Azimuth Opportunity. Solexa intends to use the net proceeds from the financing for the development and commercialization of the Solexa Genome Analysis System, working capital, and other general corporate purposes.
During the term of this commitment, Solexa may sell registered shares of its common stock to Azimuth at a small discount to the market price. Solexa will determine the timing and amount of any sales of its stock.
The shares are being offered pursuant to an effective registration statement filed with the SEC.