NEW YORK (GenomeWeb News) – Venaxis today priced the public offering of about 8.3 million shares of its common stock at $2.40 per share.
Net proceeds from the offering are expected at around $18.4 million, which the Castle Rock, Colo.-based firm will use for working capital and other corporate purposes, including the sales and marketing of its APPY1 appendicitis test in the European Union, and development efforts to expand and improve the test's performance.
APPY1 is a blood-based lateral flow test intended to identify patients who are at low risk for appendicitis and, therefore, may not be candidates for additional imaging tests. It measures three biomarkers: C-reactive protein, white blood cell count, and the MRP8/14 protein.
Earlier this week, Venaxis filed a 510(k) submission with the US Food and Drug Administration to market APPY1 in the US.
Canaccord Genuity is the sole book-running manager for the offering. Craig-Hallum Capital Group is the lead manager. Venaxis has granted the underwriters a 30-day option to purchase an additional 1.25 million shares of its common stock to cover any overallotments. The offering is anticipated to close on or about April 8.