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stock offering

The genetic testing firm has entered into an equity distribution agreement with Piper Jaffray to offer up to $30 million in stocks, with an initial offering of $22.5 million.

The firm offered more than 2.7 million shares of its common stock, including 356,435 shares to its underwriters pursuant to an option to purchase additional shares.

The firm it plans to offer from time to time units of its common stock, preferred stock, one or more debt securities, warrants, or rights to such securities in one or more series.

The firm expects to use proceeds from the offering to expand its life sciences commercial operations, and improve and update its Simoa technology and instruments, among other initiatives.

Quanterix intends to grant underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock at the public offering price.

The company sold 2.2 million shares at an average price of $22.73 per share under a $50 million at-the-market equity facility it filed in March 2019.

The firm plans to use the funds raised to support business activities, as it moves forward in the development of cancer early detection tests.

 

The Australian firm will use the proceeds for R&D, expansion in China, and to fund the development of polygenic risk tests with TGen in the US.

The firm said that it may use some of the net proceeds to acquire or invest in complementary businesses and technologies.

The company estimated that the offering could raise between $327.2 and $376.3 million, which it would use for various corporate purposes.

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