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NanoString Nets $56.5M in Public Stock Offering

NEW YORK (GenomeWeb) – NanoString Technologies said yesterday that it had closed a previously announced underwritten public offering of 3,450,000 shares of its common stock at a price of $16.75 per share.

RW Baird served as sole underwriter for the offering and exercised in full an additional option to purchase another 450,000 shares pursuant to NanoString's existing shelf registration statement.

Net proceeds from the offering were approximately $56.5 million, which Nanostring said it plans to use for general corporate purposes and working capital.

The firm is in the midst of expanding its commercial operations, and during a conference call a month ago NanoString President and CEO Brad Gray said that expansion is on track with about two thirds of a planned 20 new sales positions filled.