NEW YORK (GenomeWeb) – HTG Molecular Diagnostics today set a price range of between $13 and $15 per share on its planned initial public offering, which could bring in up to $51.4 million in net proceeds, according to a document filed with the US Securities and Exchange Commission.
According to an amendment to its Form S-1, the Tucson-Ariz.-based firm said it will offer 3.57 million shares of its common stock in the IPO and expects to receive net proceeds of $44.4 million, based on the midpoint of the price range at $14.00 per share. Net proceeds are anticipated to reach $51.4 million if the underwriters fully exercise their overallotment option of 535,500 additional shares. The firm had filed for an IPO for up to $60 million.
Canaccord Genuity, Leerink Partners, and JMP Securities are the underwriters on the offering. HTG plans to list its stock on the Nasdaq Global Market under ticker symbol "HTGM."
The proceeds from the offering will be allocated for several uses, including approximately $18.5 million for SG&A expenses, approximately $7.7 for R&D expenses, about $4.8 million for repayments on an outstanding loan, and the remainder for general corporate purposes and working capital.
HTG said the proceeds, along with its existing cash and cash equivalents, will enable it to continue operations for at least the next 12 months.
The firm had $3.6 million in cash and cash equivalents as of Dec. 31, 2014.