QUOTIENT LIMITED JERSEY, Channel Islands, July 02, 2018 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company (the Company), has completed the offering of up to $120.0 million aggregate principal amount of its 12% Senior Secured Notes due 2023 (the “Notes”).
On June 29, 2018, the Company, completed the second and final closing (the “Second Closing”) of its offering of the Notes. Upon the Second Closing, the Company issued an additional $36.0 million aggregate principal amount of the Notes (the “Additional Notes”). The Second Closing was, triggered by the Company’s publication in a press release of field trial results for the MosaiQ™ IH Microarray demonstrating targeted concordance for the detection of blood-group antigens and antibodies, when compared to predicate technologies. The Company issued the initial $84.0 million aggregate principal amount of the Notes on October 14, 2016. The Company estimates the net proceeds from the Second Closing to be approximately $34.8 million, after deducting the estimated expenses payable by the Company in connection with the Second Closing. The Company plans to use the net proceeds from the Additional Notes, among other things, for general corporate purposes.
In connection with the Second Closing of the Offering, on June 29, 2018, the Company entered into additional royalty right agreements with each of the Purchasers, pursuant to which the Company sold to the Purchasers the right to receive, in the aggregate, a payment equal to 0.6% of the aggregate net sales of MosaiQ™ instruments and consumables in the donor testing market in the European Union and the United States.
Additional information regarding this offering can be found in the Form 8-K filed by the Company on June 29, 2018.
About Quotient Limited
Quotient is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets. With an initial focus on blood grouping and serological disease screening, Quotient is developing its proprietary MosaiQ™ technology platform to offer a breadth of tests that is unmatched by existing commercially available transfusion diagnostic instrument platforms. The company's operations are based in Edinburgh, Scotland; Eysins, Switzerland and Newtown, Pennsylvania.
The Quotient logo and MosaiQ™ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions.
CONTACT: Christopher Lindop, Chief Financial Officer - chris.lindop@quotientbd.com; +41 799 61 69 38
