NEW YORK (GenomeWeb News) – NanoString Technologies said after the close of the market Tuesday that it has launched a follow-on public offering of $55 million of common stock.
The Seattle-based firm, which went public last summer, announced the offering last week and has granted the underwriters a 30-day option to purchase up to an additional $8.25 million of its common stock.
The bookrunning managers are JP Morgan and Morgan Stanley, and the co-managers are Leerink Partners and RW Baird.
Net proceeds will go toward further commercialization of NanoString's Prosigna Breast Cancer Prognostic Gene Signature Assay, including the creation of a dedicated oncology sales force and expansion of the clinical utility of the test, as well as development of additional diagnostic products.
At the 32nd Annual JP Morgan Healthcare Conference last week, NanoString President and CEO Brad Gray said that continued commercialization of the assay would be the catalyst for growth in the coming year.
The firm said on Tuesday that it also plans to fund expansion of its life sciences commercial operations to grow and support the installed base of its nCounter Analysis Systems and to develop new life sciences applications, chemistry, and instrumentation for the platform. Proceeds will also be used for general corporate purposes.