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Clarient Completes Second Tranche of Private Placement of Convertible Preferred Stock With Oak Investment Partners
Date:5/18/2009

$40 Million in Total Proceeds Retire Safeguard Mezzanine Debt Facility; Support Profitable Growth

ALISO VIEJO, Calif., May 18 /PRNewswire-FirstCall/ -- Clarient, Inc. (Nasdaq: CLRT), a premier anatomic pathology and molecular testing services resource for pathologists, oncologists and the pharmaceutical industry, announced today that it has completed the second tranche of a private placement of convertible preferred stock with Oak Investment Partners, a multi-stage venture capital firm based in Westport, CT. The second tranche for approximately $10.9 million, combined with $29.1 million in proceeds from the first tranche that closed March 26, 2009, will retire $31 million in Clarient borrowings and bolster working capital.

"As we stated in the initial financing announcement, this transaction strengthens Clarient's financials, streamlining our balance sheet and moving us tangibly closer to our goal of sustainable profitability," said Ron Andrews, Vice Chairman and Chief Executive Officer. "Oak is an excellent strategic partner with deep expertise in life sciences that will help Clarient continue its robust growth and expand our share of the dynamic cancer-diagnostic services market."

Clarient intends to retire a $10 million mezzanine debt facility from Safeguard Delaware, Inc., a wholly owned subsidiary of Safeguard Scientifics, Inc. (NYSE: SFE), a provider of growth capital for entrepreneurial and innovative technology and life sciences companies based in Wa
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SOURCE Clarient, Inc.
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