NEW YORK (GenomeWeb) – Trovagene today announced an offering of 4 million shares of its common stock, which is expected to bring in gross proceeds of around $35 million.
The offering is expected to close on or about July 22. Trovagene has also granted the underwriters a 30-day option to purchase up to an additional 600,000 shares.
The firm said proceeds from the offering will fund research and development, serve as working capital, and support other general corporate purposes.
Piper Jaffray and Leerink Partners are acting as joint book-running managers for the offering. Janney Montgomery Scott, Cantor Fitzgerald, and Maxim Group are co-managers on the offering.
Trovagene reported it had $44 million in cash and cash equivalents as of March 31, 2015.
Shares of the San Diego-based molecular diagnostics firm were down around 11 percent at $9.00 in Friday morning trading on the Nasdaq.