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Nanosphere Amends Prospectus for $10M Offering

NEW YORK (GenomeWeb) – Nanosphere has amended its prospectus to sell up to $10 million in securities, according to a document filed with the US Securities and Exchange Commission.

In an amendment to Form S-1/A, the Northbrook, Illinois-based firm said it plans to offer up to $10 million in Class A Units, consisting of one share of common stock and a Series A warrant to purchase stock at an exercise price equal to the public offering price; and Class B units consisting of Series C convertible preferred stock with a stated value of $1,000 per share and convertible into shares of our common stock at the public offering price of the Class A Units.

The firm has not priced the units or said how many units it plans to sell.

Nanosphere said it expects to receive net proceeds of $9.1 million from the sale of securities and that it expects to use the proceeds for general corporate purposes and working capital.

As of Sept. 30, 2015, the firm had $12.3 million in cash and cash equivalents and $4 million of restricted cash.

The firm raised $8 million in net proceeds from preferred stock offerings in May and June.

In afternoon trading on the Nasdaq, shares of Nanosphere were trading down 7 percent at $.88.

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