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NanoString Prices Public Offering of 4M Shares

NEW YORK (GenomeWeb) – NanoString Technologies today priced its public offering of 4 million shares of common stock at $12.50 per share.

The firm had announced its intention to offer $50 million worth of stock earlier this week.

NanoString also granted underwriters of the offering a 30-day option to purchase up to an additional 600,000 shares of common stock at the public offering price.

The company intends to use the net proceeds to support the final development and launch of its Digital Spatial Profiling platform, as well as the continued commercialization its portfolio of nCounter-based products, and for general corporate purposes and working capital.

JP Morgan and UBS Investment Bank are acting as joint book-running managers for the offering and Baird is acting as lead manager. NanoString expects the offering to close on or about July 20, subject to customary closing conditions.

NanoString's shares were down around 7 percent at $11.88 in Wednesday morning trade on the Nasdaq. Its stock closed at $15.10 on Monday, after which the firm announced the offering and its stock price fell.