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Tempus invests $36 million by exercising warrants and purchasing additional shares
Personalis, Inc. (NASDAQ:PSNL) and Tempus AI, Inc. (NASDAQ:TEM) announced today that the companies have expanded their commercial relationship. The companies agreed in November 2023 to collaborate and bring ultra-sensitive MRD testing to market and launched their efforts at the recent ASCO meeting. Tempus is serving as exclusive commercial partner for Personalis' ultra-sensitive tumor-informed MRD product for broad patient adoption in breast and lung cancers, and for immunotherapy monitoring across all solid tumors.
Following positive reaction and exceptionally strong demand, the companies have agreed to accelerate their efforts, expanding under the following key terms:
"We are pleased that our early access program is proceeding well and demand is strong," said Chris Hall, CEO of Personalis. "We believe the expansion of the relationship with Tempus will allow us to better capitalize on the opportunity."
Under the agreement, Tempus agreed to exercise its existing warrants to purchase 9.2 million shares of common stock in accordance with their terms at an average purchase price of $2.00 and to purchase an additional 3.5 million shares of common stock at a price per share of $5.07, which was the last reported closing price of Personalis' common stock as reported on The Nasdaq Global Market on August 15, 2024, for a total investment of approximately $36 million in Personalis. As a result, Tempus will own approximately 19.3 percent of Personalis' outstanding common stock following the closing of the transactions.
