Loss making PC software company Borland has received a cash injection worth $25 million.
The cash was raised through the sale of newly created class of Series B convertible preferred stock. It issued 495 series B shares and warrants to purchase up to 198,000 shares of its common stock. Borland said it may call for a second round of financing for up to an additional $25 million.
Delbert Yocam, chairman and chief executive of less than a year, said: ?This additional capital enables Borland to invest in developing and acquiring new technology and allows Borland to take advantage of market opportunities.?
Borland posted larger than expected net losses for its fourth quarter ended March. Sales halved to $37.2 million from $70.5 million, while net losses were $42.5 million, compared with profits of $7 million for the same period last year. Year end revenues fell to $151.4 million from $245.1 million, while net losses amounted to $107.4 million, compared with profits of $14.7 million in the year ago period.
Yocam joined Borland from Apple in November to help steer the company from selling low-end programming tools to creating client/server development products sold by resellers.
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