NEW YORK – Personalis said Monday that it has entered into an at-the-market sales agreement with investment bank BTIG to sell up to an aggregate of $100 million of shares of its common stock.
Under the agreement, BTIG will use commercially reasonable efforts to sell Personalis' common stock from time to time, based upon instructions from the company regarding price, time, size limits, or other parameters. Personalis will pay the agent a commission of up to 3 percent of the gross proceeds.
In an associated prospectus filed with the US Securities and Exchange Commission, Menlo Park, California-based Personalis said it intends to use any net proceeds for working capital and general corporate purposes, which could include research and development programs, vendor payables, hiring additional personnel, and capital expenditures.
The company's most recent product launch — a tumor-informed liquid biopsy assay for minimal residual disease detection called NeXT Personal — joins a growing slate of other precision oncology assays, as well as a broad base of next-generation sequencing services for research.