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Bionano Genomics Raises $20.6M in IPO, Starts Trading on Nasdaq

NEW YORK (GenomeWeb) – Bionano Genomics has priced its initial public offering of 3.36 million units at $6.125 per unit, bringing in total gross proceeds of $20.58 million, and has started trading on the Nasdaq.

Each unit consists of one share of common stock and a five-year warrant to purchase another share of common stock at $6.125. The San Diego-based company also granted its underwriters a 30-day option to purchase up to 504,000 additional units at the IPO price.

The units began trading on the Nasdaq under the ticker symbol BNGOU today. The offering is expected to close Aug. 23, subject to customary closing conditions.

On or prior to Sept. 1, the two components of the units will start trading separately. The common stock is expected to trade under the ticker symbol BNGO and the warrants under the symbol BNGOW.

Last week, Bionano had lowered the size of its proposed IPO to 2.45 million units, which it expected to sell at a price of $6 to $7 per unit, which would have raised a total of $16 million at the midpoint. Previously, the firm had aimed to raise up to $38 million in the offering.

Roth Capital Partners is serving as the sole book-running manager for the offering, Maxim Group is the lead manager, and LifeSci Capital is the co-manager.

Bionano offers a genome mapping system called Saphyr for structural variant detection that relies on optical mapping technology.

The firm said in its prospectus that it intends to use proceeds from the offering to expand its commercial operations, to improve and update its technology, to develop additional labeling reagents, to potentially establish a direct commercialization presence in China, and to assist existing or future partners in pursuing regulatory approvals or clearances of instruments and consumables in areas outside of life science research, potentially including lab-developed tests.

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