NEW YORK (GenomeWeb) – Pacific Biosciences said on Tuesday that it has amended an agreement with Cantor Fitzgerald to offer up to $30 million of its common stock from time to time.
The agreement amends a deal that PacBio and Cantor Fitzgerald reached in October to sell up to $30 million of the next-generation sequencing firm's common stock. The amended agreement is for the sale of an additional $30 million, PacBio said in a document filed with the US Securities and Exchange Commission.
Under the terms of the amended deal, Cantor may sell PacBio shares at an "at-the-market" offering, in which shares are offered at the prevailing market prices. Cantor can also sell the shares by other methods, including through privately negotiated deals. PacBio said it intends to use proceeds from the offering for general corporate purposes, such as capital expenditures and working capital.
As of Dec. 31, 2014, PacBio had $101.3 million in cash and investments. On Tuesday, it reported an 85 percent jump in its fourth quarter revenues.