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PacBio Files $150M Shelf Registration

NEW YORK (GenomeWeb News) – Pacific Biosciences today filed to offer from time to time up to $150 million of a combination of securities.

In its Form S-3 filed with the US Securities and Exchange Commission, the Menlo Park, Calif.-based next-generation sequencing technology company firm said proceeds from the offering will go toward general corporate purposes, including working capital, capital expenditures, other corporate expenses, and acquisitions of complementary products, technologies, or businesses.

The securities that may be offered include common stock, preferred stock, depositary shares, warrants, debt securities.

PacBio went public in late 2010 raising $200 million in its initial public offering. In September, though, the company announced 130 layoffs due to the wobbly economy and to position the company for success in the long term. The firm has also been hit with at least one lawsuit alleging it failed to disclose materially important information, resulting in the artificial inflation of its stock price.

Michael Hunkapiller replaced Hugh Martin as the firm's president and CEO in January. In February, PacBio reported fourth-quarter revenues of $12.4 million.

In late afternoon trading today on the Nasdaq, shares of PacBio were down 3 percent at $3.51.