Telesis Bio, Inc. announced that it has entered into a securities purchase agreement to issue 280,000 redeemable convertible preferred shares at an issue price of $100 per share for gross proceeds of $28 million led by new investor, Novalis Life Sciences Investments II, L.P., a fund managed by Novalis Capital Partners LLC, an investment arm for 155,000 preferred shares on May 31, 2023. The transaction also included participation from new investors, BroadOak Fund IV, LLC, a fund managed by returning investor, BroadOak Capital Partners LLC, Investment Arm for 20,000 preferred shares, M-185 Corporation for 25,000 preferred shares and returning investor, Northpond Ventures, LLC for 80,000 preferred shares. The company is expected to close the transaction on June 2, 2023.

As a part of transaction, Paul Meister has joined the board of directors of the company. The company will also issue short-term warrants to purchase an aggregate of 5,923,921 shares and long-term warrants to purchase an aggregate of 11,847,840 shares.