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NeoGenomics Launches $32.2M Stock Offering

NEW YORK (GenomeWeb) – NeoGenomics today said that it has priced an offering of 7 million shares of common stock at $4.60 per share.

The Ft. Myers, Fla.-based genetic testing services firm expects to raise gross proceeds of $32.2 million from the offering, which is expected to close on Aug. 20. Net proceeds are anticipated at around $30 million.

NeoGenomics said it will use the proceeds from the offering for working capital and general corporate purposes, which could include potential acquisitions and repayment of debt.

William Blair is the sole book-running manager on the offering, and Craig-Hallum Capital Group is co-lead manager. Stephens, Roth Capital Partners, Sidoti & Co., and Dawson James Securities are serving as co-managers on the offering.

The underwriters have a 30-day option to purchase up to an additional 1.05 million shares of common stock to cover any over-allotments.

NeoGenomics recently reported a 33 percent increase in second quarter revenues year over year and turned a profit in the quarter of $274,000, or $.01 per share. As of June 30 it held $5.0 million in cash and cash equivalents.