Thursday, March 26, 2009

Clarient Gets $50M In PIPE

Aliso Viejo-based Clarient, a provider of pathology and molecular testing services, said late Thursday that the firm has scored $50M in a convertible preferred stock private placement with venture capital firm Oak Investment Partners. According to the firm, it received $29.1M in the first tranche of funding Thursday, with an additional $10.9M to close within 60 days, and an additional $10M in preferred stock to be sold on mutual agreement of the parties. Clarient said that the initial $29.1M will go toward retirement of the firm's existing debt obligations, transaction expenses, and for working capital. Clarient said that Ann H. Lamont and Andrew W. Adams of Oak Investment Partners will join its board as part of the funding deal.