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Pacific Biosciences Aims to Raise $46M in Public Stock Offering

NEW YORK (GenomeWeb) – Pacific Biosciences announced today that it has priced an underwritten public offering of 15.4 million shares of common stock at $3.10 per share.

PacBio has also granted the underwriters a 30-day option to purchase up to an additional 2.3 million shares. After deducting the underwriting discount and expenses, the company expects to raise net proceeds of approximately $45.9 million, assuming the underwriter's option to purchase additional shares is not exercised.

Cantor Fitzgerald is acting as the sole book-running manager for the offering, which is expected to close on or about June 20.

The firm said it intends to use the proceeds for general corporate purposes, including capital expenditures and working capital, and may also use a portion to acquire or invest in complementary businesses, technologies, product candidates, or other intellectual property.

PacBio's shares fell to $3.10 in premarket trading on the Nasdaq, but rebounded a bit in morning trading. The shares are currently down nearly 6 percent at $3.15.