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Transgenomic Announces Closing of the Acquisition of Clinical Data's Diagnostic Business and the Closing of a $6 Million Financing
Date:12/29/2010

OMAHA, Neb., Dec. 29, 2010 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) announced today that it has closed the acquisition of Clinical Data, Inc.'s (Nasdaq: CLDA) diagnostic business with a sales price of $15.5 million.  In addition, the company has closed on $6.0 million of financing from Third Security, LLC, a leading life sciences investment firm, to fund the cash portion of Transgenomic's acquisition of Clinical Data's diagnostic business.  This strategic acquisition provides Transgenomic with proprietary genetic commercial tests that have an established revenue base, proprietary biomarker assays, an additional CLIA-certified laboratory operation and established test reimbursement and coverage policies that offer access to testing for an estimated 280 million patients.

Under the terms of the financing with Third Security, the Company has issued an aggregate of 2,586,205 shares of the Company's newly created Series A convertible preferred stock to certain affiliates of Third Security for an aggregate purchase price of $6.0 million.  Additionally, the Company issued such affiliates of Third Security warrants to purchase an aggregate of up to 1,293,102 shares of Series A preferred stock at an exercise price of $2.32 per share.  The Series A preferred shares issuable pursuant to the purchase agreement and upon exercise of the warrants are convertible into shares of the Company's common stock at a conversion price of $0.58 per share, for an aggregate of 15,517,228 million shares of common stock.  Upon full exercise of the warrants, Transgenomic will receive approximately $3.0 million.  

Commenting on the acquisition of Clinical Data's diagnostic business, Craig Tuttle, Chief Executive Officer of Transgenomic, said, "We are very exc
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SOURCE Transgenomic, Inc.
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