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Packard Withdraws Proposed Follow-On Offering

NEW YORK, April 27 – Following a trend that is becoming common on Wall Street these days, Packard Bioscience has withdrawn a planned follow-on offering of 10 million shares of its common stock, the company said Friday.

This announcement comes after Packard indefinitely postponed its follow-on offering March 29. At the time, the company said it would continue to monitor market conditions to determine a suitable time for the offering.

“The company and the selling stockholders have now determined that, because market conditions have not improved, it would not be desirable to continue the current registration process,” Packard said in an official statement.

Packard had planned to sell three million of the shares, while shareholders, including CEO Emery Olcott and Senior Vice President Richard McKernan, intended to sell an additional seven million shares. Approximately 4.5 million shares planned to be sold included those issued in connection with Packard’s acquisition of GSI Lumonics’ life sciences division, which it completed in October. 

Packard had estimated it would raise a net of $41.25 million from the sale of its three million shares, which it said it planned to use for “general corporate purposes.”

Analysts said Friday that the offering withdrawal could help Packard, as the company will now be able to speak about its activities and its quarterly earnings.

In the past three months, two other genomics companies, DoubleTwist and Genometrix, have withdrawn plans for public offerings, and many other companies have decided to seek private financing due to the market downturn.

Packard closed at $6.50 per share Friday, unchanged since Thursday's market close. In August 2000, the company’s shares reached a 52-week high of $28 per share.

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