Orchid Cellmarks 14M Financing Move

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Orchid Cellmark in Princeton, a provider of DNA-testing services, says it entered an agreement with investors to raise about $14.0 million in aggregate gross proceeds in a common stock private-equity financingOrchid Cellmark (Nasdaq: ORCH) in Princeton, a provider of DNA-testing services, says it entered an agreement with investors to raise about $14.0 million in aggregate gross proceeds in a common stock private-equity financing. The transaction is expected to close today. The financing comprises about 4.87 million shares of common stock issued at $2.88 per share. The company says it will use the proceeds for working capital and general corporate purposes. Shares of Orchid slipped 18 cents to $3.23 this morning.