NEW YORK (GenomeWeb News) – NanoString Technologies late on Tuesday priced its planned initial public offering at $10 per share.
The company expects to offer 5.4 million shares of its common stock in the offering. In a prospectus filed today, NanoString said that it anticipates net proceeds from the offering of about $50.2 million.
Additionally, it has granted the underwriters a 30-day option to purchase up to 810,000 shares to cover any over-allotments.
JP Morgan and Morgan Stanley are the book-running managers, while Leerink Swann and RW Baird are co-managers. NanoString plans to trade on the Nasdaq Global Market under ticker symbol "NSTG".
Seattle-based NanoString announced its plans to go public a month ago with a proposed maximum aggregate offering price of about $86.3 million. Two weeks ago, it said that the share price on the offering was expected to be between $13 and $15, which would have brought in as much as $77.6 million.
The firm said that it would use proceeds from the offering to commercialize its Prosigna Breast Cancer Assay after receiving US regulatory authorization, including the creation of a dedicated oncology sales force; support and grow the installed base of its nCounter molecular analysis systems among life science research customers; and develop new life sciences applications, chemistry, and instrumentation for the nCounter platform.