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Signal Genetics Prices $9M Public Offering of Stock

NEW YORK (GenomeWeb) – Signal Genetics today priced its public offering of 3,214,285 shares of common stock at $2.80 per share. 

Gross proceeds from the offering are anticipated to be about $9 million and will go toward the clinical development of new products and services, expansion of the company's commercialization efforts, working capital, and general corporate purposes. 

Aegis Capital and Chardan Capital Markets acted as joint book-running managers for the offering. Signal, which went public in June, has granted the underwriters a 45-day overallotment option to purchase up to an additional 482,142 shares. The offering is anticipated to close on Feb. 20, the firm said. 

As of Sept. 30, 2014, Signal had $6.4 million in cash and cash equivalents. 

Based in Carlsbad, Calif., Signal offers the Myeloma Prognostic Risk Signature test for asymptomatic monoclonal gammopathies. The microarray-based gene expression profile assay predicts the risk of early relapse and enables physicians to stratify their patients and treatment options, and to identify genomic alterations that may affect the choice of therapies. Earlier this month, the US Food and Drug Administration granted conditional approval for the test as entry criteria for a clinical trial to treat high-risk multiple myeloma patients.

In afternoon trading on the Nasdaq on Tuesday, Signal's shares dropped nearly 27 percent to $2.86.