NEW YORK (GenomeWeb) – NanoString Technologies said on Tuesday that it has signed a deal with investment bank Cowen and Company to sell up to $40 million of its common stock from time to time.
Under the agreement, Cowen may sell the shares through an "at-the-market" offering, in which shares are offered at the prevailing market rates. The firm may also sell the stock by other methods, including through privately negotiated deals.
In a filing with the US Securities and Exchange Commission, NanoString added that it will set the parameters of the sale, including the number of shares to be issued, the time period during which sales are requested to be made, and the minimum price below which shares cannot be sold.
In exchange, Cowen will receive compensation up to 3 percent of the gross sales price per share of all shares sold under the agreement.
As of March 31, NanoString reported having $14.3 million in cash and cash equivalents, plus $41.2 million in short-term investments.