NEW YORK (GenomeWeb) – Interpace Diagnostics today priced its public offering of about 9.3 million shares of its common stock at $0.75 per share. Interpace also granted the offering's underwriter a 30-day option to purchase up to an additional 1.4 million shares of its common stock at the public offering price. Gross proceeds from the offering, if the underwriter does not exercise that option, are expected to be about $7 million.
H.C. Wainwright is acting as the sole book-running manager for the offering.
Interpace finished its third quarter, which ended Sept. 30, with $8 million in cash and cash equivalents.
Interpace said it intends to use the net proceeds for working capital, capital expenditures, business development, research and development expenditures, and acquisition of new technology and businesses.
Interpace expects to close the offering on or about Jan 29, subject to customary closing conditions.
In early morning trading on the Nasdaq today, the company's stock was down about 9 percent at $.82 per share.