NEW YORK (GenomeWeb News) – Complete Genomics today announced an agreement with investment bank MLV & Co. for the potential sale of an aggregate of $30 million of its common stock.
The sale of Complete Genomics' stock would be made on the Nasdaq Global Market under the Mountain View, Calif.-based firm's currently effective Form S-3 at market prices. Shares also may be sold through MLV at negotiated prices or at prices related to the prevailing market price, Complete Genomics said.
Last week, the company announced that its fourth-quarter revenues had dropped 34 percent year over year. It ended 2011 with $83.1 million in cash, cash equivalents, and short-term investments, plus $500,000 in restricted cash. A company official said cash on hand would take it through the end of the year, leading several analysts to say that a cash raise, particularly in the second half of the year, would be expected.