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Bionano Genomics to Raise $200M in Public Stock Offering

NEW YORK – Bionano Genomics on Wednesday priced a $200 million underwritten public offering of its common stock that it announced the previous day.

The company plans to sell 33,333,350 shares of its common stock at a price of $6 per share, for an expected $200 million in gross proceeds. In addition, the underwriters have a 30-day option to purchase up to another 5,000,002 shares of common stock at the public offering price. The offering is expected to close on Jan. 22, subject to customary closing conditions.

Oppenheimer is the sole book-running manager for the offering, while BTIG is the lead manager and Ladenburg Thalmann and Maxim Group are co-managers.

The new fundraising effort follows on the heels of a $101.8 million public stock offering Bionano closed last week, at a price of $3.05 per share. That offering exceeded the firm's original goal of raising $88.5 million.

The company's stock price has been on a bit of a roller coaster this year, with a general upward trajectory resulting from encouraging revenue expectations and news of clinical applications of its Saphyr optical genome mapping platform.

However, following the announcement of the new offering, Bionano's stock price dropped about 9 percent in morning trading on the Nasdaq, to $8.33 per share.