Teknova Announces $22.9 Million Offering to Accelerate Research and Development of Life-saving Therapies
HOLLISTER, Calif. Sept.18, 2023 - Alpha Teknova, Inc.(Teknova) (Nasdaq: TKNO), a leading producer of critical reagents for the research, development, and commercialization of novel therapies, vaccines, and molecular diagnostics, revealed today its plans to raise up to $22.9 million through a concurrent registered direct offering and private placement.This strategic move will further strengthen Teknova’s position in the market and support its ongoing efforts to propel the advancement of life-saving treatments.
Under the definitive agreements, Teknova will issue and sell up to 1,086,485 shares of its common stock in a registered direct offering at a purchase price of $1.85 per share.Concurrently, the company has also entered into an agreement to sell an additional 11,299,993 shares of common stock at the same purchase price in a private placement.The shares in both offerings were priced based on the consolidated closing bid price, adhering to Nasdaq rules.
The announcement comes as Teknova has witnessed significant growth in demand for its critical reagents, which play a vital role in various spheres of medical research and development.With its commitment to providing high-quality substances necessary for the creation and production of innovative therapies, vaccines, and molecular diagnostics, Teknova stands at the forefront of the battle against numerous diseases.
Widespread adoption of novel therapies and vaccines has become more crucial than ever to combat the challenges posed by emerging infectious diseases and other medical conditions, stated Dr.Benjamin Li, CEO of Teknova.This offering will provide us with the necessary resources to accelerate our research and development efforts, allowing us to develop cutting-edge solutions and meet the escalating demand for innovative treatments.
Teknova’s extensive product portfolio caters to a wide range of applications, including cell therapy, genomics, proteomics, immunology, and drug discovery.By supporting the development of groundbreaking treatments, their critical reagents enable researchers and pharmaceutical companies worldwide to advance their understanding and improve patient outcomes.
As of now, Alpha Teknova, Inc.has outstanding shares of 28.272306 million, with a current price of $2.1 per share.This further highlights the company’s potential for growth and its positive outlook in the market.
The proceeds from the registered direct offering and private placement will be allocated towards expanding Teknova’s production capabilities, investing in research and development, and fortifying their distribution network.In doing so, the company aims to satisfy increasing demand and solidify its position as a leader in the industry.
With this significant funding, Teknova is well-positioned to drive innovation, enhance their product offerings, and contribute to the development of groundbreaking therapies.Through this latest move, Teknova aims to revolutionize the field of medical research and provide hope for patients worldwide.
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