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stock offering

The firm said it will offer 4.5 million shares of its common stock at $20 per share. It expects to close its follow-on public offering on July 16.

Net proceeds from the exercise of subscription rights and warrants are anticipated to be $22.6 million, excluding any proceeds from the exercise of warrants.

The molecular diagnostics company previously raised $180 million in its 2015 initial public offering.

The company said it will use the proceeds for the US commercial launch of its Unyvero molecular diagnostic platform, among other things.

The company recently disclosed that the commercial launch of its liquid biopsy lung cancer diagnostic had been delayed.

The firm increased the number of shares it was offering after its stock price fell sharply this week.

JP Morgan Securities and Cowen and Company are the joint book-running managers for the offering, while William Blair is the lead manager.

The company had intended to raise up to €6.6 million through the placement to help fund its planned acquisition of TGR Biosciences.

Sygnis said that TGR is profitable and has a complementary product portfolio that includes protein capture technology.

The firm plans to use net proceeds for corporate purposes, including capital expenditures and working capital.

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