NEW YORK (GenomeWeb) – Pacific Biosciences said after the close of the market on Monday that it plans to sell shares of its common stock in a public offering.
The Menlo Park, California-based maker of sequencing platforms did not disclose the number of shares it planned to sell or how much money it expects to raise. The offering is pursuant to a $150 million shelf offering declared effective in August 2017.
PacBio also said it is granting underwriters a 30-day option to purchase an additional 15 percent of shares sold in the offering. Cowen and Company and Cantor Fitzgerald are joint book-running managers.
PacBio plans to use the proceeds from the offering for capital expenditures, working capital, and other general purposes, and may also use some of the proceeds to acquire or invest in complementary businesses or technologies.
PacBio ended its second quarter on June 30 with $63.5 million in cash and investments.
In Tuesday morning trading on the Nasdaq, the firm's stock was down 10 percent at $4.24.