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GenMark to Offer $60M of Stock in Public Offering

NEW YORK (GenomeWeb News) – GenMark Diagnostics said after the close of the market on Monday that it plans to begin a public offering of $60 million of its common stock.

The company has not yet priced the offering.

Net proceeds will go toward general corporate purposes, such as acceleration of its test menu; furthering the development of its NexGen platform, expected to launch in the second half of 2014; the expansion of its domestic commercial team and acceleration of its international expansion; building up its administration infrastructure; automation of its manufacturing infrastructure; and other working capital requirements.

JP Morgan is the sole book-running manager for the proposed offering. GenMark said it intends to grant the underwriters a 30-day option to purchase up to $9 million in additional shares.

The Carlsbad, Calif.-based molecular diagnostics company last week reported a 44 percent increase in revenues for its second quarter.

In March, it filed a shelf registration to offer from time to time up to $150 million of its stock and/or other securities. In June 2012, GenMark raised about $39.3 million in a public offering of its stock.

In Thursday morning trade on the Nasdaq, shares of GenMark were down 3 percent at $9.43.