NEW YORK (GenomeWeb News) – Enzo Biochem has filed a shelf registration to separately offer up to $50 million of its securities and another $18 million of its common stock.
Enzo filed two prospectuses in a Form S-3 with the US Securities and Exchange Commission on Thursday. In one, the New York-based life science reagents and diagnostic testing firm said it may offer from time to time its common stock, preferred stock, depositary shares, debt securities, warrants, and units totaling no more than $50 million.
Proceeds from the offering will be directed at general corporate purposes, including acquisitions, the funding of clinical R&D programs, and the clinical development of the company's product capabilities, among other things.
Enzo also filed a prospectus covering the offering and sale of up to $18 million of its common stock as part of a sales agreement with Cantor Fitzgerald.
Proceeds from that offering will be used for general corporate purposes. Enzo said that it also intends to invest net proceeds from the offering to invest in short-term, investment grade, interest-bearing securities, or cash equivalents.
During its fiscal third-quarter earnings announcement in June, the company said that it had $5.6 million in cash and cash equivalents and $9.6 million in working capital as of April 30.
In afternoon trading today on the New York Stock Exchange, shares of Enzo were down a fraction of 1 percent at $2.19.