Clarient sells up to $50mm in preferred shares

Cancer diagnostics company Clarient has sold 3.8mm Series A preferred shares to Oak Investment Partners for gross proceeds of $29.1mm. Each share is convertible into four common shares at any time and after one year will automatically convert if the company's stock trades over $4.75 for 20 consecutive days in a 30-day trading period. After four years the shares may be redeemed for $7.60 apiece.