NEW YORK (GenomeWeb) – AutoGenomics on Monday priced its planned initial public offering at between $11 and $13 per share, with anticipated net proceeds of up to $46.6 million.
In an amended prospectus, the company said it plans to offer 3.75 million shares of its common stock in its IPO. It plans to list its shares on the Nasdaq Global Market under ticker symbol "AGMX."
Net proceeds from the offering are estimated at about $40.4 million at the midpoint price of $12 per share. If the underwriters exercise their overallotment option in full, net proceeds would be about $46.6 million, AutoGenomics said in its document filed with the US Securities and Exchange Commission.
Stifel, Canaccord Genuity, and Cantor Fitzgerald are listed in the SEC document as the planned offering's underwriters. The Vista, Calif.-based molecular diagnostics company filed for an IPO in October, saying at the time that it planned to offer a maximum aggregate of $60 million of its common stock.
It said on Monday that about $2 million of net proceeds will go toward expanding its manufacturing capabilities; $3 million will be used to expand it sales and marketing efforts; $5 million will be targeted for R&D, including $4 million to seek clearance from the US Food and Drug Administration for seven tests; $21.2 million will go toward paying outstanding notes payable; and $4 million will be used for other accounts payable. Remaining net proceeds will be used for capital and general corporate purposes, it said.
AutoGenomics' technology platform consists of a family of multiplexing analyzers under the Infiniti name, a menu of genetic test panels, proprietary microarrays, reagent modules, and other related consumables.