Nanogen, developer of advanced diagnostic products, announced that Fisher Scientific International has agreed to purchase approximately 5.7 million shares of Nanogen common stock at $2.65 per share
Fisher is a leading provider of products and services to the scientific and clinical laboratory markets.
Nanogen will use the proceeds from the sale for working capital, acquisitions and other general corporate purposes.
The investment in Nanogen coincides with Fisher's purchase of Athena Diagnostics, a leading developer and provider of proprietary molecular diagnostic and immunodiagnostic tests and services.
Nanogen and Fisher will collaborate to expand the use of Athena's proprietary markers and diagnostic assays.
"We are very pleased to initiate this relationship with Fisher," said Howard Birndorf, chairman and CEO of Nanogen.
"Fisher shares our vision of developing diagnostic technologies and products for personalized medicine".
"This is yet another indication that molecular diagnostics for personalized healthcare is gaining momentum and being adopted by mainstream diagnostic laboratories." All of the shares of common stock were offered to Fisher Scientific International pursuant to an effective registration statement that was filed on 28 June 2005.
