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Trovagene Prices $20M Stock Offering

NEW YORK (GenomeWeb) – Trovagene today priced a public offering of about 4.4 million shares of its common stock, anticipating gross proceeds of $20 million.

The company will use the proceeds to fund its R&D work and for working capital and other general corporate purposes. The offering is expected to close on or about Feb. 11. 

Piper Jaffray is the sole book-running manager, and Janney Montgomery Scott, Maxim Group, and Cantor Fitzgerald are the co-managers on the offering. Trovagene has granted the underwriters a 30-day option to purchase 666,666 shares of its common stock.

Trovagene reported it had $31.2 million in cash and cash equivalents as of Sept. 30, 2014. 

Shares of the San Diego-based molecular diagnostics firm were down 23 percent to $4.53 in Friday morning trading on the Nasdaq.