Collexis Completes $2.2 Million Private Placement at Premium to Market Price of Common Stock

 

 

Thursday, January 3, 2008 – Collexis announced today that it has completed a $2.2 million private placement of restricted common stock at $0.75 per share, representing a premium to the price of the Company’s stock. The Company sold 2,944,000 shares of common stock, receiving gross proceeds from the offering of approximately $2,208,000. Proceeds from the private placement were utilized to make the first installment payment on the acquisition of SyynX Solutions GmbH (“SyynX”), a privately-held software company based in Cologne, Germany. SyynX has been the Company’s long-time software development partner. Under the terms of the acquisition, the Company has agreed to pay the sellers in four installments.


“We are pleased that a sophisticated investor has recognized the value that the acquisition of SyynX creates and has elected to make this investment in the Company,” said Bill Kirkland, CEO of Collexis. “The acquisition of SyynX will allow us to launch a powerful social networking and collaboration platform for the biomedical research community early this year, with the potential to change the way research is done.”


SyynX software applications, based on the proprietary Collexis Fingerprint technology, are already a valuable research tool employed globally by organizations such as Johns Hopkins, the Mayo Clinic, Harvard University’s Dana Farber Cancer Institute and the National Institutes of Health.

 

 Read the full press release here.