NEW YORK (GenomeWeb News) – Complete Genomics announced today that it has closed its public offering of more than 6.3 million shares of its common stock at $12.50 per share.
The total number of shares sold includes 825,000 shares purchased by the offering's underwriters at $12.50 per share to cover over-allotments. The Mountain View, Calif., company had previously said that with the exercise of the over-allotment option, the net proceeds from the offering would be about $73.8 million.
Jefferies and UBS Investment Bank were joint book-running managers, while Baird and Cowen served as co-managers for the offering.
In a filing with the US Securities and Exchange Commission last month, Complete Genomics said that about $20 million of the net proceeds will be used to expand its sequencing and computing capacity in its facilities in Mountain View and Santa Clara, Calif. About $15 million will go toward further development of its sequencing technology and services, and $15 million will be used for sales and marketing activities.
The remainder of the net proceeds will go toward working capital and general corporate purposes.