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Cepheid to Use Cash from Recent Stock Offering to Invest in Molecular Dx

NEW YORK, March 8 (GenomeWeb News) - Cepheid will use proceeds from a recently announced stock offering to invest in its molecular diagnostics program, according to prospectus filed with the Securities and Exchange Commission today.

 

In the document, Cepheid reports that it expects the net proceeds from the offering will be approximately $80.5 million, and that the company plans to use the cash to "fund future acquisitions of molecular markers and/or complementary products, technologies or companies in the fields of oncology, infectious diseases and other fields appropriate for molecular diagnostics."

 

Still, Cepheid said that it has "no current agreements or commitments with respect to any such acquisition" pending and that fore now it will invest the funds in "short-term, investment grade, interest-bearing securities."

 

The company disclosed in a Feb. 24 SEC filing that it plans to offer to the public 10 million shares of common stock, plus an option to purchase up to an additional 1.5 million sharees to cover over-allotments.

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