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GenMark Files $150M Shelf Registration

NEW YORK (GenomeWeb News) – GenMark Diagnostics has filed a shelf registration with the US Securities and Exchange Commission to offer from time to time up to $150 million of its stock and/or other securities.

Proceeds from any sale of its securities will go toward general corporate purposes, such as R&D, license or technology acquisitions, menu expansion, and the development of the company's products, GenMark said. Proceeds may also be used for sales and marketing initiatives, commercial expansion, as well as general administrative expenses, working capital, and capital expenditures.

Aside from its common stock, other forms of securities the company may offer include warrants, preferred stock, and debt securities, according to its Form S-3 filed today.

GenMark is based in Carlsbad, Calif., and went public in the US in 2010. It develops molecular diagnostic assays and instruments, and last week reported a sharp increase in fourth-quarter revenues to $9.4 million.

Last June the company raised about $39.3 million in a public offering of its shares.

In afternoon trading on the Nasdaq, shares of GenMark were down around 4 percent at $11.56.