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Signal Genetics Increases IPO Target to up to $12.1M

NEW YORK (GenomeWeb) – Signal Genetics raised the target amount from its proposed initial public offering to up to $12.1 million.

In an amended Form S-1 filed with the US Securities and Exchange Commission on Friday, the company said it plans to offer 1.15 million shares of its common stock in its IPO at a range of $10 to $12 per share. At the midrange price of $11 the offering would bring in net proceeds of $10.3 million. If the underwriters exercise their overallotment option in full, that figure would rise to $12.1 million.

When Signal filed its Form S-1 in March, it said that it was targeting a raise of up to $25 million from its planned IPO. Last month it lowered the target amount to up to $9.3 million. The amount of shares that would be offered was also lowered to 909,090 shares in May from 2.3 million shares the company said in March that it would offer.

Signal plans to list its shares on the Nasdaq Capital Market under ticker symbol "SGNL." The underwriter on the offering is Aegis Capital.

The New York City-based firm offers the Myeloma Prognostic Risk Signature (MyPRS) test for asymptomatic monoclonal gammopathies. MyPRS is a microarray-based gene expression profile assay that predicts risk of early relapse, enabling physicians to stratify their patients and treatment options and identify genomic alterations that may affect which therapies doctors choose.

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