Skip to main content
Premium Trial:

Request an Annual Quote

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.

The Scan

Positive Framing of Genetic Studies Can Spark Mistrust Among Underrepresented Groups

Researchers in Human Genetics and Genomics Advances report that how researchers describe genomic studies may alienate potential participants.

Small Study of Gene Editing to Treat Sickle Cell Disease

In a Novartis-sponsored study in the New England Journal of Medicine, researchers found that a CRISPR-Cas9-based treatment targeting promoters of genes encoding fetal hemoglobin could reduce disease symptoms.

Gut Microbiome Changes Appear in Infants Before They Develop Eczema, Study Finds

Researchers report in mSystems that infants experienced an enrichment in Clostridium sensu stricto 1 and Finegoldia and a depletion of Bacteroides before developing eczema.

Acute Myeloid Leukemia Treatment Specificity Enhanced With Stem Cell Editing

A study in Nature suggests epitope editing in donor stem cells prior to bone marrow transplants can stave off toxicity when targeting acute myeloid leukemia with immunotherapy.