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Trovagene Raises $23M in Public Offering of Shares

NEW YORK (GenomeWeb) – Trovagene said today it has closed a public offering of its common stock that brought in $23 million in gross proceeds. 

The company sold 5,111,110 shares of its shares, including 666,666 shares that were issued when the offering's underwriters exercised their overallotment option in full. The offering price was $4.50 per share, Trovagene said. The firm plans to use net proceeds for R&D, working capital, and other general corporate purposes. 

Piper Jaffray was the sole book-running manager on the offering. Janney Montgomery Scott, Maxim Group, and Cantor Fitzgerald acted as co-managers. 

Trovagene priced the offering last week, saying it anticipated $20 million in gross proceeds. The company had $31.2 million in cash and cash equivalents as of Sept. 30, 2014.  

Trovagene's shares rose 7 percent on the Nasdaq in afternoon trading to $5.17.