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Pacific Biosciences Plans to Raise $30M in Public Stock Offering

NEW YORK (GenomeWeb) – Pacific Biosciences announced today that it plans to raise gross proceeds of $30 million in a planned public offering of 12.5 million shares of common stock at $2.40 per share.

PacBio will also grant the underwriters a 30-day option to purchase up to almost an additional 1,875,000 shares of its common stock sold in the offering.

Cantor Fitzgerald will act as the sole book-running manager for the offering, which is anticipated to close on Feb. 15th.

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

Last June, PacBio raised $46 million in a public stock offering of around 15.4 million shares.

PacBio shares were down 11 percent to $2.26 in Tuesday morning trading on the Nasdaq.