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Complete Genomics Looks to Net $64M in Stock Offering, Plans to Expand Sequencing Capacity


This article was originally published May 26.

In order to expand its sequencing capacity, build up its sales and marketing team, and further develop its sequencing technology, Complete Genomics is offering 5.5 million shares of its common stock at $12.50 per share.

Additionally, it has offered its underwriters a 30-day option to purchase up to 825,000 additional shares at the public offering price, less the underwriting discounts and commissions.

The company expects to see net proceeds from the offering of about $64.1 million, or $73.8 million if the underwriters exercise their option in full.

In documents filed with the US Securities Exchange Commission, Complete Genomics gave a broad overview of how it planned to use those proceeds.

Complete Genomics said it will use about $20 million "to expand the sequencing and computing capacity" at its Mountain View and Santa Clara facilities, $15 million to support the further development of its sequencing technology and services, and another $15 million for sales and marketing.

The company is building a new generation of sequencing instruments as well as increasing its current fleet of sequencers from 16 to 24 by the end of August. It also plans to double its sales force by the end of the year from 12 to 24 sales people (IS 5/10/2011).

Earlier this month, the company secured a $20 million loan agreement with Oxford Finance, which it said it would use in part to repay an outstanding $7.8 million from an $8 million loan from Comerica Bank (IS 5/17/2011).

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