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NanoString Technologies Prices $200M Public Offering

NEW YORK – NanoString Technologies announced late on Wednesday that it plans to offer 5 million shares of common stock at $40 per share in a public offering.

The expected gross proceeds of $200 million are $50 million more than the firm said earlier this week it expected to raise. NanoString has also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares at the offering price; if the underwriters exercise their option in full, the gross proceeds would be approximately $230  million.

The Seattle-based genomics technology firm said it intends to use the proceeds for working capital and general corporate purposes. The offering is expected to close on or about Oct. 13, 2020.

JP Morgan, UBS, and Cowen are acting as joint book-running managers. Baird is acting as manager for the offering.

Earlier this week, NanoString reported preliminary third quarter 2020 revenues of $30.1 million, up 14 percent year over year.

NanoString has raised capital through a public offering each of the last several years, beginning in 2017. Net proceeds from last year's offering were approximately $68.3 million.

In morning trading on the Nasdaq, shares of NanoString were down 4 percent at $40.26.