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Progenity to Raise $100M in Separate Public Stock, Private Senior Notes Offerings

NEW YORK ─ Molecular diagnostics firm Progenity said on Monday that it plans to offer $25 million of shares of its common stock in a public offering and $75 million of convertible senior notes in a separate private offering.

The San Diego-based firm is granting the underwriters of the public offering a 30-day option to purchase up to an additional $3.75 million common shares at the public offering price. Piper Sandler and Wells Fargo Securities are joint book-running managers and BTIG is the lead manager for the offering of common stock.

Separately, Progenity said it is offering to qualified institutional buyers convertible senior notes due in 2025 in an aggregate principal amount of $75 million and up to an additional $15 million as an option to the initial purchaser.

In November, Progenity said that it is trimming its workforce by around 10 percent and that a commercial insurer is seeking to recoup $27.4 million from the firm because of alleged overpayments.

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