NEW YORK (GenomeWeb News) – Sequenom said today that the underwriters of its recently completed public offering of common stock have exercised an option to acquire an additional 825,000 shares.
Last week, the firm offered 5.5 million shares of common stock at $15.50 per share.
The exercise of the over-allotment option brings the total number of shares sold to 6,325,000 and net proceeds to $92 million.
Sequenom intends to use the funds to develop diagnostic tests for use on its MassArray system and other platforms, as well as for general corporate purposes. The firm also said it may use the proceeds to acquire or invest in other businesses.