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Nanosphere Grosses $112.7M in IPO With Over-Allotment Option

This story has been updated from a previous version to correct the amount of the gross proceeds from Nanosphere's IPO and the over-allotment.
NEW YORK (GenomeWeb News) - Nanosphere yesterday said it completed its initial public offering of 7 million shares, and that its underwriters have exercised their full over-allotment option to buy an additional 1.05 million shares at $14 apiece, bringing gross proceeds to $112.7.
The company, which trades under the ticker symbol NSPH, in August said it generated $1.1 million in revenues last year and $1.9 million in revenues in 2005, and held $34.5 million in cash and cash equivalents as of March 31.
The molecular diagnostics company’s sole book-runner was Credit Suisse Securities. Co-managing the IPO were Piper Jaffray & Co., Leerink Swan, and Allen & Company.
In Wednesday morning trade on the Nasdaq, Nanosphere's shares were down $.21 at $20.79.

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