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Clarient Entered Into Private Placement of Up To $50 Million in Convertible Preferred Stock With Oak Investment Partners
Date:3/26/2009

ient's common stock trades above $4.75 per share for 20 days in any 30 consecutive trading-day period. After four years, Clarient may redeem all unconverted preferred shares at $7.60 per share, subject to certain adjustments. The preferred shares do not accrue dividends, and there are no warrants being issued in this transaction.

Clarient's Vice Chairman and Chief Executive Officer Ron Andrews said, "Our transaction with Oak is of significant value to shareholders. It will allow the retirement of most of the Company's outstanding debt, avoid approximately $11.0 million in interest expense and fees for the remainder of 2009, provide added resources to fuel growth, and will move Clarient closer to the goal of sustained profitability at the net income level. Four years ago, Clarient embarked upon a new anatomic pathology and molecular testing strategy with no laboratory revenues, and financing alternatives were few and expensive. But today, Clarient is in a very different situation. We are rapidly approaching a $100 million annual revenue run rate and positive cash flow, which has allowed us to secure more favorable financial terms, thereby enabling our robust revenue growth to reach the bottom line."

Upon the closing of the first tranche, the existing $30 million mezzanine debt facility from Safeguard was amended to reduce the borrowing availability to $10 million. The balance outstanding under the mezzanine facility, after the application of $14 million of the first tranche proceeds, is approximately $5.5 million. It is the Company's plan to retire the remaining outstanding balance of, and terminate, the mezzanine facility upon the closing of the second tranche. The mezzanine debt facility bears an annual interest rate of 14% and would require the issuance of a substantial number of warrants beginning June 1, 2009, if the facility is not terminated earlier. There is no penalty for early termination or prepayment of the mezzanine deb
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SOURCE Clarient, Inc.
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4. Clarient Reports First Quarter 2008
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