Tripos Completes Acquisition of Optive Research, a Molecular Discovery Software Company
Tripos, Inc. announced that it has acquired privately held Optive Research, Inc., a recognized leader in developing innovative software for computer-assisted molecular discovery, for $4.75 million in cash and 599,521 shares of Tripos stock.
The cash portion of the deal was funded through a $4 million investment by Horizon Technology Finance, LLC and Sand Hill Capital through the issuance of $3.5 million of subordinated debt, 111,606 shares of common stock, and warrants to purchase 156,250 shares of common stock. Tripos expects this transaction to begin contributing to its operating income in 2005, and become accretive to net income by 2006. Seven Hills Partners acted as exclusive placement agent to Tripos in arranging this financing.
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