NEW YORK (GenomeWeb) – Twist Bioscience has filed with the US Securities and Exchange Commission for a proposed public offering of 3 million shares of its common stock, the firm said after the close of the market on Monday.
In addition, it will grant the underwriters a 30-day option to purchase an additional 450,000 shares of common stock at the public offering price. Twist has not yet priced the offering.
Twist plans to use the net proceeds to improve and update its platform and technologies. The San Francisco-based synthetic biology company will invest in equipment, expand its next-generation sequencing R&D capabilities, invest in production software, consolidate into a new operation facility, and increase its production capacity, the company said in a statement.
Twist also plans to expand its commercial operations in the US, Europe, and Asia and to expand within the pharmaceutical biologics drug discovery and DNA data storage markets. In addition, the company said it would use the proceeds to establish its NGS operations in China.
JP Morgan Securities, Cowen and Company, and Evercore Group will act as joint book-running managers for the proposed offering with Robert W. Baird & Co. acting as lead manager.
Last week, Twist reported first quarter revenues of $13.6 million, up from $6.2 million during the same period last year. It ended the quarter with $28.7 million in cash and cash equivalents and $75.6 million in short-term investments.
In early Tuesday trade on the Nasdaq, shares of Twist were down 6 percent at $22.84.