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Interpace Diagnostics Closes $12.2M Public Offering

NEW YORK (GenomeWeb) – Interpace Diagnostics said today it has closed a previously announced $13.7 million underwritten public offering.

Though the firm had aimed to raise net proceeds of $12.7 million, it said today total net proceeds were $12.2 million.

Interpace sold 9.9 million shares of common stock, prefunded warrants to purchase 2.6 million shares of common stock, and common warrants to purchase 12.5 million shares of common stock. Simultaneous with the closing, the company sold common warrants to purchase up to 1,875,000 shares of common stock sold in connection with the partial exercise of the underwriter's overallotment option. The shares of common stock and common warrants will be issued separately. The common warrants will be exercisable beginning on the date of issuance for a period of five years from the issuance date at an exercise price of $1.25 per share.

Maxim Group acted as the sole book-running manager for the offering, and WestPark Capital acted as comanager.

Interpace had originally offered 12.5 million shares of common stock and warrants to purchase up to 12.5 million additional shares.

The company said it plans to use the net proceeds from the offering for working capital, trade payables, payment of legacy contract sales organization obligations, and general corporate purposes.

Interpace's shares rose 5 percent to $.91 in afternoon trading on the Nasdaq.