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Trovagene Raises $40M in Public Offering of Shares

NEW YORK (GenomeWeb) – Trovagene said today it has closed a public offering of its common stock that brought in approximately $40.3 million in gross proceeds.

The company sold 4.6 million shares, including 600,000 shares issued when the offering's underwriters exercised their full overallotment option. The offering price was $8.75 per share, Trovagene said. The firm plans to use net proceeds for research and development, working capital, and to support other general corporate activities.

Piper Jaffray and Leerink Partners acted as joint book-running managers on the offering. Janney Montgomery Scott, Cantor Fitzgerald, and Maxim Group were the co-managers.

Trovagene priced the offering last week, saying it anticipated $35 million in gross proceeds. The company had $44 million in cash and cash equivalents as of March 31, 2015.

The firm's shares were up about 4 percent to $9.70 in afternoon trading on the Nasdaq.