Loss-making PC tools developer Borland has received a cash injection of $25 million (#15 million).
The money was raised from the sale of a 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 an additional $25 million.
Delbert Yocam, Borland's chairman and chief executive, said: "This additional capital enables us to invest in developing and acquiring new technology and take advantage of market opportunities."
Borland posted larger than expected net losses for its fourth quarter ended 31 March. Sales almost 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 same the year before.
Yocam joined Borland from Apple last November to help steer it away from selling low-end programming tools and towards creating client-server development products sold by resellers.
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