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 offering was a follow-on to a capital raise during the summer that brought in $6 million. The company's CEO said the additional financing was needed to execute on its business plan.
The company will use the proceeds to support development of its liquid biopsy tests and the launch of its lung cancer test in the second half of this year.
The company previously said that it planned to publicly offer up to $10 million in stocks and warrants. It has not priced the offering yet.
The company said in an SEC document that it will offer about 6.3 million shares of its common stock. Some purchasers would also be able to buy prefunded warrants.
The funds will help the company prepare for CLIA certification of its lab ahead of the planned launch of its lung cancer test.
Certain investors have agreed to buy 375,000 shares of Interpaces common stock at $6.75 per share, and 255,000 prefunded warrants to purchase common stock at $6.74 per share.
The Rutherford, NJ-based cancer molecular diagnostics firm will use the proceeds for general corporate purposes.
The Salt Lake City-based company said it would use the $18.4 million in expected gross aggregate proceeds for product pipeline development and customer growth.
The molecular diagnostics firm has retained Roth Capital Partners as financial advisor to assist in restructuring Series C Warrants issued in March.
Sometimes genetic tests give inconclusive results and provide little reassurance to patients, the Associated Press reports.
Vox wonders whether gene-editing crops will be viewed similarly as genetically modified organisms of if people will give them a try.
In Science this week: research regulation and reporting requirement reform, and more.
With H3Africa, Charles Rotimi has been working to bolster the representation of African participants and African researchers in genomics, Newsweek reports.